The Channel logo

News

By | Chris Mellor 30th January 2014 11:42

Violin investor: Broken-stringed firm has had FIVE buyout offers

Report: Sez bolshy investor pushing for sale

Violin Memory, the troubled top dog in the all-flash array market, has received up to five buy-the-company offers, according to an activist investor pushing for a sale.

Gregory Taxin is president of the Clinton Group which is prodding Violin to shop itself after its disappointing IPO and firing of CEO Don Basile.

Media outlet Bloomberg reports Taxin as saying at an Activist Investor Conference that five informal inquiries have been received. Violin’s market capitalisation is $295m and shares jumped seven per cent in value to $.58 over night on the news - the September 2013 IPO price was $9.00 which is why investors are angry.

Taxin has an interest in bugging up takeover interest because the Clinton Group will be able to sell its shares at a higher profit if there is a contest to take over the broken-stringed Violin Memory.

Violin is now run by interim CEO Howard Bain, who is also board chairman and pulled the trigger on Basile’s ousting. There is no word of a new CEO, although sources had suggested one would be appointed this month. If the company is shopping itself then no new CEO would be interested in running the company of course. Bain could steer the Violin ship into a new berth and everyone would be happy - or relieved.

We’ve asked Violin about this but don’t expect it to comment. If it does we’ll let you know. ®

alert Send corrections

Opinion

Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Features

STRASBOURG, JUNE 29, 2016: The seat of the European Parliament. by Marco Aprile for shutterstock. EDITORIAL USE ONLY
Plan b, image via Shutterstock
EU workers, new markets: post-Brexit pressure on May & Co
Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'