Zones Inc. said yesterday that it received a proposal from an investor group led by its president/CEO, Firoz Lalji, to acquire all common shares not owned by the investor group for a cash price of $1 per share.
The investor group controls most of the company's outstanding common stock. The board of directors intends to appoint a special committee of directors unaffiliated with the investor group to review the proposal with the assistance of financial and legal advisers.
The company is a single-source direct marketing reseller of information technology products to the small- to medium-size business market, enterprise and public sector accounts, while supporting their legacy Mac customers through an inbound call center promoted by the Mac Zone catalog and a Web site. Zones, Renton, WA, sells these products through outbound and inbound account executives, specialty print and e-catalogs as well as the Internet.
