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Scherer

Executive Summary

Tells shareholders in April 11 letter that it has "sent bid requests to those prospective purchasers with whom we have been working" and expects bids to be received within two weeks. The firm says it "should be engaged thereafter in negotiating the final terms of an agreement for the sale of your company to one of the bidders." Scherer has been providing corporate information and showing facilities to a "number of prospective purchasers" during the last several months, the letter states.

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