TORONTO, Dec. 18, 2023 /CNW/ - Neighbourly Pharmacy Inc. ("Neighbourly" or the "Company") (TSX: NBLY), Canada's largest and fastest growing network of independent pharmacies, today announced that it has received from Persistence Capital Partners ("PCP") a revised letter of intent pursuant to which PCP or one of its affiliates would purchase all of the issued and outstanding common shares (the "Common Shares") in the capital of the Company, other than those Common Shares owned by PCP or its affiliates, at a purchase price of $18.50 per Common Share, payable in cash (the "Revised Proposal"). PCP has indicated that the Revised Proposal is the purchase price that its equity financing sources support. The Revised Proposal represents a decrease to the previously proposed (the "Original Proposal") purchase price of $20.50 per Common Share provided for in the letter of intent entered into on October 2, 2023.
The transaction committee of the board of directors of the Company, formed to evaluate the Original Proposal (the "Transaction Committee") will now consider the Revised Proposal, with the assistance of its financial and legal advisors, and conduct all aspects of the Company's response to the Revised Proposal. There is no set timetable with respect to the Transaction Committee's review of the Revised Proposal, and the Company does not expect to make further public comments regarding these matters unless and until the Transaction Committee approves a specific action or otherwise concludes its review.
Shareholders of Neighbourly do not need to take any action at this time in respect of the Revised Proposal and should await further information and guidance from the Transaction Committee and the Board.
SHAREHOLDERS OF THE COMPANY ARE CAUTIONED THAT THERE IS NO ASSURANCE THAT A TRANSACTION WITH PCP WILL OCCUR, WHETHER ON THE TERMS OF THE REVISED PROPOSAL, AMENDED TERMS OR AT ALL.