Telehop receives new "superior" purchase proposal for shares

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...