“We believe Liberty may be better served as a platform for the acquisition of other operating assets” and noted one or more assets could be contributed as a part of the transaction. He also promoted the proposed deal as potentially helping franchisees,” Brian Kahn, managing member, wrote on May 2, in a document filed with the SEC.
Vintage purchased controlling interest in Liberty from founder and former CEO John Hewitt through its affiliate, Vintage Tributum, last year, and replaced the board of directors. SEC documents show it owns 14.8 percent of outstanding shares. The latest offer is for any or all of shares, not for all outstanding shares.
Kahn’s letter pictured the deal as one that can help franchisees. “Leveraging our resources to stabilize the franchise system with a more attractive value proposition will put franchisees on stable financial footing and create an offering sufficient to attract new franchisees as well,” Kahn wrote.
This follows a takeover offer of $13-per-share that Liberty received from an undisclosed private equity fund in November. That bid was withdrawn, Liberty also had discussions with what it called several interested party, none of the offers were acceptable.
Liberty named a special committee to evaluate the Vintage offer.