Franklin Electronic Publishers

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Shares in the Burlington N.J., electronic handheld book maker closedat $2.112 Monday after closing at a little more than $1 Friday. The group’xs proposal values Franklin (NYSE at $19.45 million, based on the numbee of shares that the company had outstandingon Jan. 28. Througuh its members’ ownership of Franklij stock and options, the group controlsx 43.7 percent of the company’s share votes, although it expectas to only exercise options with an exercise priceof $2.35 or less per share, which would give it contro of only 39.9 percent of Franklin’s shar e votes.
Franklin said Monday its board of directorzs has appointed a special committeed of independent board members to considerthe proposal, whicnh the group submitted to the boar d May 20. The group is comprised of Presideng and CEOBarry Lipsky; Chief Financial Officefr Frank Musto; Chief Operating Officer Toshihidd Hokari; Chairman of the Board Howard Director James Simons; a Bermudaw investment company, Shining Sea that is owned by a trust established by Simons; and an investor, Marcu Lewis. The group has formed a , to buy Franklin.
In the letterr it sent to Franklin’s Saunders said it is owned by Lipsky, Musto and Hokari, and that Shining Sea, Morgan and Lewis have agreed to buyinto it. Saunders also said its proposal is not subjectg to anyfinancing conditions. Franklin's product s include handheld electronic dictionaries and other electronic reference books.