ERI denies 'takeover target' story

Energy Recover Inc (ERI), US manufacturer of desalination energy-recovery devices, denied on 20 November 2012 that it was a takeover target, following a report on Bloomberg Business Week based on a telephone interview with ERI's CEO, Tom Rooney.

"While the company, as a matter of policy, does not comment on rumors," said an ERI release, "it feels compelled to correct the facts as reflected in the Bloomberg story ... Mr Rooney did not imply, or intend to imply, that the company was in discussions with potential buyers."

In the Bloomberg story, Rooney was quoted as saying: "There are a lot of industrial concerns that are looking at us. We don't really want to be bought out."

ERI's statement emphasized this last point: "Mr Rooney stated that the company has no interest in entertaining the notion of a potential acquisition at this time. Importantly, the company remains intensely focused on the tenacious execution of its long-term strategy, the successful implementation of which should provide the greater benefit to its shareholders."

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