Will Cossette turning down the bid to be acquired by Cosmo Group there is really only one direction to go. Cossette has accepted the counter offer from Mill Road Capital for alll outstanding shares at $8.10 per share in cash, except for certain shares held by senior management, in order to privatize Cossette. The vote to move to privatization was approved by 99.9% of the votes cast by holders of Subordinate Voting Shares at the Special General Meeting of Shareholders in Quebec City.
“This is truly an historic moment for Cossette,” said Cossette President and CEO Claude Lessard. “Going public served us well. It provided us with the resources we needed to expand into international markets, to develop a full complement of marketing disciplines and to acquire world-class talent. Returning to private ownership at this time will give our organization independence and flexibility and, most importantly, allow us to reinvest in Cossette to ensure that we remain a leading employer-of-choice within our industry and that we continue as an innovator in the way we service our clients.”
No official word on any restructuring plans for Cossettee in 2010.
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