The retailer says its agreement will see
The Trilogy companies, owned by
Indigo did not say what caused Trilogy to boost its offer but noted the new price reflects a 69 per cent premium on the share price of
Indigo says an independent committee of its board of directors recently unanimously recommended the company accept Trilogy's latest offer.
If shareholders agree to the deal during a May vote, Indigo expects the transaction to close in June and its shares to be delisted from the
"We believe that this transaction will provide minority shareholders with a substantial premium for their shares following some challenging years for the business, while also ensuring a strong future for Indigo with full ownership by a team that has demonstrated a deep commitment to Indigo's mission," Indigo board chair
The last two years have seen Indigo encounter a ransomware attack that downed its website for a lengthy period and the departure of several board members, including one who said she experienced a "loss of confidence in board leadership."
Amid these challenges, Indigo's founder, Reisman, returned to the company's helm after retiring in the summer of 2023.
This report by The Canadian Press was first published
Companies in this story: (TSX:IDG)
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