June 20, 2005 — (WEB HOST INDUSTRY REVIEW) — Domain registrar and Web hosting provider Register.com (register.com) said on Monday that its board of directors had rejected the acquisition offer tabled by RCM Acquisition. The proposal was for $7.10 per share in cash.
“The Board has considered the offer from RCM and we don’t believe that it reflects the full and fair value of the Company,” says Mitchell I. Quain, Chairman of the board of directors for Register.com. “We have instructed our financial advisors, Credit Suisse First Boston, to consider all available alternatives to maximize shareholder value, including potential further discussions with RCM.”
Register.com also said on Monday that David L. Moore had been named interim chief executive officer, succeeding Peter A. Forman. The company is continuing its search for a permanent CEO.
“I am pleased to be joining a longstanding, respected brand in the domain name industry,” says Moore. “I look forward to working with Register.com management and the board to execute on the Company’s strategy.”
