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Empire sells 2 million shares of Tumbleweed Communications
By Lisa Kerner
Charlotte, N.C., Aug. 22 - Tumbleweed Communications Inc. investors led by Empire Capital Management, LLC sold 2 million shares of the company's stock, reducing their stake to 8.7% from 12.9%.
The shares were sold on Aug. 20 for $2.43 per share, or a total of $4.83 million, it was reported in a schedule 13D filing with the Securities and Exchange Commission.
As previously reported, Tumbleweed stockholders approved the company's merger with a Sopra Group SA subsidiary.
In June Sopra, a Paris-based internet technology consulting company, announced that its subsidiary, Axway, would acquire all the outstanding stock of Tumbleweed for $2.70 cash per share, or a reported $138 million.
Empire and its affiliates beneficially own 4,613,894 shares of the Redwood City, Calif., messaging security solutions company.
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