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| Prison firm going private |
| By The Houston Chronicle |
| Published: 10/10/2006 |
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HOUSTON, TX - Cornell Cos., which has long faced pressure from its biggest shareholder to push up its share price, has agreed to be bought by a private equity firm for $245 million, but some investors are still unhappy with the Houston prison operator. New York-based Veritas Capital will finance the deal to buy the shares and assume Cornell's $273.6 million in debt, pushing the total value of the transaction to more than $518.6 million. Under the deal, Cornell shareholders will receive $18.25 in cash for each share of common stock they own from Veritas, which specializes in investing in government contractors. Read more. If link has expired, check the website of the article's original news source. |
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