Voss Capital supports ADW's call for PAR Technology board to pursue alternatives
Voss Capital, LLC, which has been a stockholder of PAR Technology Corporation since early 2016, said in a letter to PAR Technology's board: "On October 11, 2018, Adam Wyden of ADW Capital Management, LLC published a letter directed to both the Board of Directors and management of PAR, indicating ADW's belief that PAR should pursue an outright sale of the Company to maximize shareholder value. We are writing today in support of ADW's proposal as we have independently come to similar conclusions. We will not belabor all of Mr. Wyden's points, but can summarize our thinking in two ways: 1) PAR will likely never achieve fair market value for its potentially valuable assets without splitting those assets up, thereby removing the sum-of-the-parts discount. 2) Accordingly, the time to act is now since the market is generously valuing both of the industries in which PAR operates... If the Board commits to selling PAR, we believe the Company would be able to field offers from both strategic and financial (e.g., private equity) acquirers. From our discussions with well-known private equity firms it is clear that PAR has several strong strategic assets that other companies would find valuable. Furthermore, certain private equity firms believe they could better maximize PAR's collection of assets by plugging them into their existing portfolio companies. We encourage the Board to seek strategic alternatives by pursuing a sale of the Company. If PAR has already hired investment bankers to evaluate strategic alternatives, we highly recommend PAR disclose that to the public for transparency and to maximize the potential value achieved for all stockholders."