A Validus Securities and Exchange Commission filing has revealed
that Flagstone was engaged in a serious M&A process at the time
of the May and August conference calls, despite its
management's insistence that it was focused on executing a
Validus had a cash-and-share offer recommended by the Flagstone board last month that currently values the company at more than $8.50 per share.
However, Flagstone has refused to publicly acknowledge the existence of a formal M&A process since it...
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