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Subsequent Events
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3 Months Ended |
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Mar. 31, 2013
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
The Company has evaluated subsequent events through the date these unaudited consolidated financial statements were issued.
On April 19, 2013, the Company completed its tender offer for the remaining shares of AIA and now owns 22,598,078 no par value shares in AIA, or 94.07% of the issued and outstanding shares of AIA.
In April 2013, AIA sold Guestlogix shares for $6.0 million.
On April 18, 2013, the Company purchased 155,726 shares in Allegiant Systems, Inc. (“AS”) at a purchase price of $9.63 per share. As of the closing of this transaction, the Company's investment in AS represents approximately 18% of the issued and outstanding shares of AS.
On April 25, 2013, the Company filed a Form S-3 Registration Statement for the offer and sale of up to 15,000,000 shares of the Company's common stock. Pursuant to the Plan of Distribution for the shares, the Company may sell the registered shares in one or more transactions over a period of time. As of the date hereof, the foregoing registration statement has not been declared effective by the SEC.
On May 8, 2013, the Company entered into an Asset Purchase Agreement for the purchase (the “PMG Purchase”) of substantially all the assets of Post Modern Group, LLC and certain affiliated entities (collectively, “PMG”). Pursuant to the terms of the PMG Purchase, the Company will acquire the assets of PMG and assume certain related liabilities in exchange for $10.5 million in cash and $5.0 million in shares of the Company. In addition, the owners of PMG will have the opportunity to receive an additional $5.0 million in cash if the PMG business combined with the Company's CSP business achieves certain target milestones in fiscal years 2013 and 2014. The transaction is subject to a number of closing conditions, but is expected to close in late May 2013.
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