Red Oak Fund begins $2.27-per-share tender offer for the Female Health Co.

By Lisa Kerner

Charlotte, N.C., March 29 - Red Oak Fund, LP, a fund managed by Red Oak Partners, LLC, began a tender offer to acquire up to 1.2 million shares the Female Health Co.'s common stock for $2.27 per share.

"We have executed a standstill agreement with the company agreeing that for a period of up to one year we will not seek representation on the board, and we have no plans to seek, propose, or assist anyone else with the change of control," Red Oak managing director David Sandberg said in a news release.

"We believe the company is well managed and represents an attractive investment, and we are making this offer because the number of shares available in over-the-counter transactions has been insufficient. Also, we want to be sure that all shareholders, not just those who follow the bulletin board market, have a chance to decide whether they wish to accept our offer."

Red Oak Partners is a privately held investment fund.

Female Health is a Chicago-based consumer health products company.

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