USA: Genesee Corporation Announces Management Buyout Negotiations
Genesee Corporation (Nasdaq: GENBB) today announced that the Special Committee of the Board of Directors, formed to consider strategic alternatives for the Corporation's brewing business, has decided to negotiate exclusively with management to try to reach a definitive agreement on the terms of a proposed management buyout of Genesee Brewing Company. The Corporation declined to disclose the terms of the management buyout proposal or a timetable for completing the negotiations. "This decision will allow the Special Committee and its counsel to focus their efforts on completing negotiation of a definitive agreement as quickly as possible," said Mark W. Leunig, Vice President and Secretary of the Corporation.
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