TORONTO – Telehop Communications Inc. announced Wednesday an arm’s length strategic industry participant has offered to buy all the outstanding shares of the company.
The aggregate offer price will be up to $10.7 million for 100% of the equity interests of Telehop, subject to the terms of an amalgamation agreement. It represents a maximum per price share of 80 cents based on the 13,363,500 shares outstanding as of June 10, 2008.
The offer imposes a number of other conditions upon the Telehop, including but not limited to, a minimum working capital requirement of $3 million at closing, a 60-day period of exclusivity; that the company place $300,000 deposit in escrow; that just over 66.6% of shareholders tender into the offer.
Telehop said in a media release that it will be reviewing the proposal and its conditions and announcing whether it will be pursuing the proposal in the next few days.
The company also indicated that its board of directors believes the current proposal is superior to the Jaguar bid of 50 cents per share.
