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Home Business & Investment

Indigo to go private after agreeing deal with holding company

Nigerian Canadian Newspaper Canada by Nigerian Canadian Newspaper Canada
April 3, 2024
in Business & Investment, Canadian News
0 0
0

Indigo Books & Music Inc. has agreed to go private after striking a great deal with a holding company connected to its biggest shareholder.

According to the retailer, its agreement will see Trilogy Investments L.P. and Trilogy Retail Holdings Inc. pay $2.50 per share in cash for the stake in Indigo.

The Trilogy companies are owned by Gerald Schwartz and in February, the spouse of Indigo Chief Executive, Heather Reisman, offered Indigo $2.25 per share in cash.

Indigo did not reveal what made Trilogy boost its offer but remarked that the new price reflects a 69 percent premium on the share price of $1.48 that Indigo had when Trilogy first made its bid.

Indigo stated that recently, an independent committee of its Board of Directors unanimously recommended the company accept Trilogy’s latest offer.

If shareholders agree to the deal during a May vote and Indigo expects the transaction to end in June and its shares to be delisted from the Toronto Stock Exchange after the end of the transaction.

In a statement, Indigo board chair Markus Dohle said: “We believe that this transaction will provide minority shareholders with a substantial premium for their shares following some challenging years for the business, while also ensuring a strong future for Indigo with full ownership by a team that has demonstrated a deep commitment to Indigo’s mission.”

In the last two years, Indigo encountered a ransomware attack that affected its website for a long period and the departure of many board members, including one who revealed she experienced a “loss of confidence in board leadership.”

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