Clarke ups stakes in Amisco, Liquidation World
Also bids to take over Art in Motion parent
Michael J. Knell -- Furniture Today, June 20, 2008
HALIFAX, North Scotia — Clarke Inc. has raised its stakes in two Canadian home furnishings companies, metal furniture specialist Amisco and discount retailer Liquidation World, and is bidding to take over a third, wall art resource Art in Motion.
Lead by activist investor George Armoyan, Clarke acquired 2,000 shares in Amisco Inds. this week, bringing its stake to 493,700 shares or 12.8% of the total outstanding.
Last week, Clarke acquired an additional 65,200 shares in the Brantford, Ontario-based Liquidation World, bringing its holdings to just over 1 million shares or a 12.8% stake. The discounter has 106 stores in Canada and the United States that liquidate consumer merchandise, including furniture and appliances.
In addition, the investor has launched a bid to acquire the shares of the Art in Motion Income Fund that it doesn’t already own. Clarke holds just over 46.8% of the units in the fund, the parent company of Art in Motion, and is its largest single investor.
Clarke said its offer of 65 Canadian cents per trust unit was a 15% premium over an average weighted price of the fund. The offer is conditional on a majority of the units outstanding being tendered under the offer.
The investment company also holds major stakes in full-line furniture manufacturer and importer Shermag and in TerraVest Income Fund, parent of upholstery specialist Stylus, Made-to-Order Sofas.
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Clarke raises stakes in Canadian companies
Jul 6, 2008
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