Inso Corp. (Nasdaq: INSO) fell 3 15/16 to 5 31/32 Tuesday after the e-business software company said it decided to sell all assets except its DynaBase publishing system.
In February, the company began a review of its options, including a sale of the entire company. However, directors determined that “the most appropriate means to enhance shareholder value is for the company to remain independent and focus all of its energies on its DynaBase dynamic Web publishing system.”
The board determined that “the value available to stockholders in a sale of the Company was not sufficient in light of the intrinsic value of the company’s businesses, particularly the DynaBase franchise,” said Chief Executive Officer Stephen O. Jaeger.
Jaeger, who has been chief executive since March 1999, will resign from that position but will remain non-executive chairman. Kirby A. Mansfield will resign as president, chief operating officer and a director, and Chief Financial Officer Robert Dudley will leave next month.
James M. Ringrose, currently president of the company’s e-business technologies division, will become president and chief executive of the corporation. Inso said it will also close its Boston, Massachusetts headquarters next month and consolidate all operations at its office in Providence, Rhode Island.