Cossette continues to explore third-party acquisition option
Cossette has announced that it has received expressions of interest from a number of unidentified third parties to acquire the company. Cossette has entered confidentiality and standstill agreements with these parties and has provided them access to a data room in which to conduct due diligence procedures. Cossette has also implemented an executive retention program as part of its response to a share purchase proposal by Cosmos Capital. The program is designed to keep executives at the company in the case of a change of ownership through retention bonuses totaling $3.5 million. The program also includes provisions for severance payments and the termination of employment for executives under certain circumstances, should control of the company change hands.