Shareholders Approve Cossette Sale

In Canada, shareholders of marcoms and ad group Cossette have approved an offer from US-based Mill Road Capital to acquire all the firm's shares at $8.10 each in cash, except for certain stock held by senior management.

The Board of Cossette - which owns Nucleus and Impact Research in Canada, and Miles Calcraft Briginshaw Duffy in the UK - accepted the proposed deal at the beginning of this month. On Friday, the offer was accepted by 99.9% of the votes cast at a Special General Meeting of shareholders.

Following closure of the deal tomorrow, Cossette will continue to be headquartered in Quebec City under the leadership of its existing management team. No significant changes in strategic direction or operations are expected as a result of the take-over.

The shareholder vote ends a six-month process that began in July when Cossette received an unsolicited bid from Cosmos Capital to acquire all outstanding voting shares of the company at $4.95 per share.

Cossette responded by launching a strategic review process to solicit interest from a range of other parties and find a deal to 'reflect the full and fair value of Cossette'.

'This is truly an historic moment for Cossette,' said President and CEO Claude Lessard. 'Returning to private ownership at this time will give our organization independence and flexibility and, most importantly, allow us to reinvest in the company to ensure that we remain a leading employer-of-choice within our industry and that we continue as an innovator in the way we service our clients.'

Web site: www.cossette.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.