adminBy Stephen Nakrosis
Indigo Books & Music on Thursday said its board received a non-binding proposal from Trilogy Retail Holdings and Trilogy Investments which would see the retailer taken private.
The deal would see Trilogy Retail and Trilogy Investments acquire all issued and outstanding common shares of Indigo they don’t currently own for $2.25 Canadian dollars ($1.68) in cash per common share.
Trilogy Retail and Trilogy Investments are personal holding companies of Indigo board member Gerald Schwartz. Trilogy Retail said Schwartz is the indirect controlling shareholder of Indigo.
Indigo said its board established a special committee of independent directors to evaluate the proposal. Indigo also said Trilogy and its joint actors currently own about 60.63% of the issued and outstanding common shares of the company.
Indigo, which trades on the Toronto stock exchange, finished Thursday’s trading down 1.3% to close at C$1.48 per share.
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