NOON -- Scorned suitor Advanced Digital Information Corp. (Nasdaq: ADIC) won't take "no" from rival backup supplier Overland Storage Inc. (Nasdaq: OVRL).
In a letter to Overland CEO Chris Calisi this week, ADIC CEO Peter van Oppen made it clear his team is willing to fight its way into a union. They're ready with lawyers to meet Calisi "anytime and anywhere." And they plan to show up at Overland's shareholder meeting on November 15 to vote against a proposal that would block ADIC, which owns 9.28 percent of Overland, from acquiring more than 15 percent of the company -- a bonafide "poison pill." (See ADIC Courts Overland.)
All this, and a wilted bouquet. Check it out:
Dear Christopher and Scott:
We received your letter of September 2, 2005, in which you indicated that
Overland's board of directors and management "are not interested in engaging in
a dialogue regarding sale of the Company." We are disappointed by your position.... We continue to believe that a combination of ADIC and Overland would be of
significant benefit to our respective shareholders. Accordingly, ADIC is
prepared to offer to acquire all of the outstanding shares of Overland common
stock for a cash price of $7.90 per share.
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