Debt-ridden Northview Corp. late last week executed a previously announced definitive agreement to be acquired by a subsidiary of Los Angeles-based Calmark Holding Corp. Calmark agreed to pay $22 per share for Northview's 2.4 million outstanding shares.
Northview, which earlier this year cut the last of its remaining ties with convicted arbitrageur Ivan Boesky, had been searching for an acquisition to replace the profitable arbitrage operation created by Boesky, Northview's former chairman.
However, Northview "essentially decided several months ago that we weren't going to find any acquisitions at the prices we were thinking about paying," according to Robert Loeffler, a Los Angeles-based attorney who became Northview's chairman late last year.
Northview "learned that the companies we were interested in were going for extremely high prices," Loeffler said during a telephone interview late last week. "Either we were way low with our bids or there were other companies that were more disposed to pay higher prices," Loeffler said.