Indigo Books & Music Inc T.IDG

Consumer Cyclical Specialty Retail

Indigo Books & Music Inc. is a Canada-based book and lifestyle retailer. The Company is engaged in offering an assortment of books, gifts, home, wellness, fashion, paper, baby, and kid’s products. The Company operates retail stores in all ten provinces and one territory in Canada, and also has retail operations in the United States through a wholly owned subsidiary, operating one retail store in Short Hills, New Jersey. The retail network includes 87 superstores under the Indigo and Chapters names, as well as 84 small format stores under the banners Coles and Indigospirit. The Company also offers a marketplace assortment of giftable products, experiences, services, and subscriptions on www.thoughtfull.co. Its Retail operations are integrated with the Company’s digital channels, including the www.indigo.ca Website and the mobile applications, which are extensions of the physical stores and offer customers an expanded assortment of book titles.

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Post by Possibleidiot01on Feb 02, 2024 12:00pm

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Cormark summary

Indigo Books & Music Inc. (IDG - TSX)

Privatization Proposal Is Wholly Inadequate

IDG issued a press release last night stating that it has received a non-binding proposal from Trilogy Retail Holdings Inc. (TRHI) and Trilogy Investments L.P. (TLIP) to acquire all of the common shares that TRHI and TLIP do not currently own for $2.25/sh in cash. Together, TRHI and TLIP own approximately 16.8 MM shares, representing 60.6% of the shares outstanding. TRHI and TLIP are controlled by Mr. Gerald W. Schwartz, a member of IDG’s board of directors. In our opinion, this offer is wholly inadequate, and it should be rejected. We rate IDG a Buy (S) with a target of $3.40.