Tzell Buyout Falls Short on First Try

Principals today extended Tzell Travel's management buyout offer to July 4 after it was accepted as of yesterday's original deadline by holders of 41.2 percent of parent company CNG Travel's shares, far short of the required 80 percent. The majority of those shareholders voting in favor were obligated to do so, since they are the directors and management members who made the original proposal.

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