Cosmos Capital increases bid for Cossette
Cosmos Capital has amended its take-over bid for all issued and outstanding subordinate voting shares of Cossette. Its new bid is $7.87 per share, matching the offer made by Mill Road Capital on Nov. 9. The offer, which will expire on Dec. 7, remains all-cash and fully-financed. Cosmos has also expressed a willingness to consider increasing the offer further, if given an opportunity to access certain non-public information which Cossette has made available to other bidders in a virtual data room. "Our decision to match the other proposal demonstrates Cosmos' commitment to pursue the acquisition of Cossette and our strong belief in the future of the company," said François Duffar, chairman and CEO of Cosmos. Cossette has released a statement saying that its board will review the amended offer once it has been filed with the provincial securities regulatory authorities and issue a recommendation to its shareholders.