After rejecting an unsolicited takeout offer and facing a potential proxy contest or hostile tender, Vicinity Corp. said it’s looking at alternative strategies for its business. On Sept. 19, Sunnyvale, Calif.-based Vicinity said the plan by Moloco LLP to pay shareholders $2.65 per share, or $71.2 million, then merge it with privately held Mercanti Systems Inc., doesn’t offer full value. One reason for the rejection could be that the takeout funds would come out of the pocket of Vicinity itself, which has $85 million in cash and short-term investments.
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