Business News • MarketWire • Northampton Acknowledges Proposed Transaction Announced by Significant Shareholder |
Northampton Acknowledges Proposed Transaction Announced by Significant Shareholder |
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Northampton Acknowledges Proposed Transaction Announced by Significant Shareholder
TORONTO, ONTARIO--(Marketwired - July 9, 2014) - Northampton Group Inc. (TSX VENTURE:NHG) ("Northampton" or the "Company") acknowledges the announcement today by Mr. Deepak Ruparell concerning the proposed acquisition of Northampton by 2525138 Ontario Inc. (the "Purchaser"), a corporation controlled by Mr. Ruparell. According to Mr. Ruparell's press release, the Purchaser has entered into voting support agreements with other shareholders of Northampton that collectively own approximately 65% of the Company's outstanding common shares, and 100% of the outstanding voting preference shares. As disclosed by Mr. Ruparell, these shareholders have agreed to vote their shares in favour of the transaction which will be proposed by the Purchaser. Mr. Ruparell's press release states that under the proposed transaction shareholders of NGI will receive $1.40 per common share in cash and $0.20 per preference share in cash. The proposed purchase price for the common shares represents a premium of 55.6% to the NGI closing price of $ 0.90 on July 8, 2014 and 47.4% of the 90-day volume weighted average stock price. This proposed price results in an all cash transaction valued at approximately $38 million.
View More : http://www.marketwired.com/mw/release.do?id=1928426&sourceType=3
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