Lakeside Steel vor Übername mit gutem Aufschlag
greyconsult : Lakeside Steel vor Übername mit gutem Aufschlag
WELLAND, ON, Dec. 20, 2011 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company") today announced that it has executed a non-binding letter of intent with a strategic purchaser ("Purchaser") regarding an offer to acquire all of the Company's common shares at $0.40 cash per common share.
The proposed offer is subject to certain conditions including the completion of due diligence by no later than January 9, 2012, the execution of a definitive agreement between the Company and the Purchaser as well as the execution of lock-up agreements with directors of the Company, Jaguar Financial Corporation and certain other significant shareholders to support the acquisition.
The definitive agreement will contain provisions customary for a transaction such as the proposed offer, however, there is no assurance that a definitive agreement will be executed by the parties or that the proposed offer will be made to shareholders or on what terms.
The Company has agreed to provide the Purchaser with an exclusivity period until January 9, 2012, in order to complete due diligence and to enter into a definitive agreement during which period the Company will not solicit or respond to competing offers.
In light of the executed letter of intent, the Company has determined to not proceed at this time with both the $22.5M loan with Romspen Investment Corporation and the associated $7.5M private placement financing led by Northern Securities Inc. which was announced by the Company on November 30, 2011.
The Company anticipates issuing a press release with additional details on or about January 9, 2012.
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