Dorchester Pacific to bid $3/share for Turners Auctions, wins support from chairman

Dorchester Pacific to bid $3/share for Turners Auctions, wins support from chairman
By Jonathan Underhill July 28 (BusinessDesk) - Dorchester Pacific plans to offer $3 a share in cash, shares and notes for Turners Auctions, valuing the auction company at $82 million, after winning support from chairman and major shareholder Michael Dossor. The offer would amount to a 9.1 percent premium on the most recent trading price of Turners of $2.75 and Dorchester said it would also require Turners to pay a fully-imputed special dividend of 15 cents a share once it has acceptances that would give it more than 50 percent of the comp...