Friday, February 24, 2012

Onvia Rejects Hostile Bid

Seattle-based Onvia, which provides analysis of spending by federal, state, and local governments, said earlier this week that it has received--and rejected--an unsolicited takeover bid from Symphony Technology Group. Symphony offered to acquire the firm for $4.25 per share in cash. Onvia called the proposal "inadequate" and said the offer was "not in the best interest of Onvia and its stockholders." Onvia has retailed GCA Savvian Advisors and Blank Rome LLP as advisors.