INDIGO AGREES TO BE TAKEN PRIVATE Indigo enters into definitive agreement at increased offer price relative to initial proposal
Shareholders will receive $2.50 per share in cash, representing a premium of approximately 69% over Indigo's unaffected closing price of $1.48 per share on the TSX on February 1, 2024 and a premium of approximately 56% over Indigo's 20-day VWAP on such date
Transaction provides immediate and certain cash value to Minority Shareholders of Indigo
TORONTO, April 2, 2024 /CNW/ - Indigo Books & Music Inc. (TSX: IDG) ("Indigo" or the "Company"), Canada's leading book and lifestyle retailer, announced today that, based on the unanimous recommendation of an independent committee of the board of directors of the Company (the "Special Committee"), it has entered into an arrangement agreement (the "Arrangement Agreement") with Trilogy Investments L.P. ("TILP") and Trilogy Retail Holdings Inc. ("TRHI", and together with TILP, "Trilogy") whereby TILP will acquire all of the issued and outstanding common shares of the Company that Trilogy, its affiliates and joint actors do not currently own (the "Minority Shares") for $2.50 in cash per share (the "Transaction"), subject to approval by the holders of Minority Shares (the "Minority Shareholders") and other customary closing conditions. Trilogy, together with its affiliates and joint actors, currently owns an aggregate of 16,774,665 common shares of the Company, representing approximately 60.6% of the issued and outstanding common shares as of the date hereof. TILP and TRHI are controlled by Mr. Gerald W. Schwartz, a member of the board of directors of the Company (the "Board").
INDIGO AGREES TO BE TAKEN PRIVATE BY TRILOGY AT $2.50 PER SHARE (newswire.ca)