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Fox Paine cancels buyout plan.
Byline: Kelly Holman
San Francisco private equity firm Fox Paine & Co. said Thursday, March 27, it withdrew its proposal to take San Jose, Calif.-based telecommunications components supplier WJ Communications Inc. private in a $21.2 million transaction.
W. Dexter Paine III, president of Fox Paine & Co. and chairman of WJ Communications, said the firm would rather use its capital to support add-on acquisitions of other companies by WJ Communications than purchase additional stock in the company at $1.10 per share.
"We continue to own 70% of this business and think we have a great management team here," Paine said. "We are looking forward to using our …
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