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The continued sell-off on Wall Street has left the CEO of EnergySolutions very concerned about the future. He believes his company is a ripe target for a hostile takeover.
EnergySolutions Chairman Steve Creamer says shares are trading at a ridiculously low price. They closed yesterday down 22 cents to $3.69, an all-time low. That's about 13 percent of the high of $28.45 last December when the company made its public debut.
Stocks opened at $3.60 this morning.
The Salt Lake Tribune reports Creamer says the company has plenty of cash and good prospects, but the low share price puts it in a takeover position. He told the Tribune, "That scares me to death." But he says so far, no one has approached him about buying the company.
The company has been publicly held for a year now. Creamer says global market troubles are making share prices decline.
EnergySolutions spokesman Mark Walker had no additional comments to KSL this morning.
E-mail: mrichards@ksl.com
