Amisco working on privatization
By Furniture Today Staff -- Furniture Today, January 18, 2009
L'ISLET, Quebec — 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.
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