Amisco directors approve buyout at higher price

Furniture manufacturer's shareholders to vote on C$1.75 bid

Larry Thomas -- Furniture Today, January 14, 2009

L'ISLET, Quebec — Directors of Amisco Inds. have approved a deal with the company's largest shareholder that would take the metal furniture producer private at C$1.75 per share.

The shareholder, Gestion Martin Poitras Inc., had earlier offered C$1.60 per share, but boosted its bid after an auditor hired by the board put the company's valuation at C$1.70 to C$2 per share.

Gestion Martin Poitras owns 47% of Amisco's stock.

The company said a stockholders meeting will be held in late February or early March to consider the transaction, which must be approved by two-thirds of the shareholders.

One other shareholder, Clarke Inc., which owns about 15% of the stock, already has announced its intentions to vote in favor of the deal, the company said.