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Coast Wholesale Appliances Inc announces arrangement agreement for subsequent acquisition transaction


Monday, 14 Jul 2014 04:25pm EDT 

Coast Wholesale Appliances Inc:Enters into arrangement agreement with CWAL Investments Ltd. (CWAL) to implement subsequent acquisition transaction (Transaction) pursuant to court-approved plan of arrangement under Canada Business Corporations Act.Says on March 12, 2014, CWAL formally commenced take-over bid to acquire all of outstanding common shares of Coast not beneficially owned by CWAL and its joint actors.Under terms of take-over bid, as amended on April 16, 2014, CWAL offered to acquire all of outstanding common shares of Coast not beneficially owned by CWAL and its joint actors at price of $4.65 per share.On June 20, 2014, CWAL announced expiration of Offer.Under the Offer, CWAL acquired total of 4,432,233 common shares of Coast representing about 44.2 pct of outstanding common shares of Coast.Together with common shares held prior to commencement of Offer, CWAL and its joint actors now hold 8,101,732 common shares of Coast, representing about 80.7 pct of outstanding common shares of Coast.Pursuant to Transaction, CWAL intends to acquire all of remaining common shares of Coast not tendered to Offer.Consideration payable under Transaction will be identical to consideration under Offer.Transaction is subject to customary commercial conditions such as receipt of regulatory approvals. 

Company Quote

4.63
-0.03 -0.64%
2 Sep 2014