ITEC Attractions Inc. plans to go private by buying out all but two of its stockholders for 27 cents a share. Shares last traded on July 1 at 21 cents.
The proposed transaction is a 381,246-for-1 reverse stock split. To remain an owner, each stockholder would have to turn in at least 381,246 of the company’s existing shares to receive one share of new stock. Those with fewer than 381,246 shares get cash instead of new stock.
Only Chief Executive Officer Paul M. Bluto and L. Ann Bluto, his wife and a director of the company, have enough shares to remain owners, according to the company’s filing with the Securities and Exchange Commission announcing the plan. The couple’s 7.9 million shares, which are two-thirds of all shares, would equal 14 new shares and about $9,100.
