Nov 23 Kit Digital's former chief
executive said he would be willing to lead a private
equity-backed buyout of the video technology provider, two days
after the company reported accounting irregularities.
Ex-CEO Kaleil Isaza Tuzman, who left Kit Digital earlier
this year in a major management shakeup, said he would be
willing to lead a bidding group that would offer to buy the
company at $3.75 per share in cash.
The company disclosed accounting irregularities on
Wednesday, for which it blamed the prior management, and said it
would restate results for the last three years.
Kit Digital shares, which fell 66 percent to 70 cents after
market close on Wednesday, rose to $1.01 before the bell on
Friday on the announcement.
Kit Digital has been considering strategic alternatives,
including a sale for several months.