Friday, November 17, 2006

Ampex (AMPX) Turns Down ValueVest Request to Buy Assets, Will Meet with the Firm

In an amended 13D filing on Ampex Corporation (NASDAQ: AMPX) yesterday, 8.3% holder ValueVest High Concentration Master Fund, which had expressed interest in acquiring assets in the company, said they received a response saying it would not be in their best interest of the company to sell the Data Systems business at this time.

The group also noted that that company's CFO agreed to meet with their representatives in New York next week to discuss ways ValueVest might be able to help increase shareholder value and the commercial utilization of the company's intellectual property assets.

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