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Cossette board recommends rejection of new Cosmos offer

The board of directors of Cossette has unanimously recommended that its shareholders reject the latest buy-out offer from Cosmos Capital. On Nov. 17, Cosmos amended its offer to purchase all outstanding Cossette shares for $7.87 each, matching the price offered by Mill Road Capital on Nov. 9. According to the Cossette board, this offer is not in the best interests of the company because it does not provide greater value than the Mill Road offer. In addition, the board contends that the Cosmos offer is subject to a due diligence condition that cannot be satisfied, namely a Cosmos requirement to gain access to any non-public information relating to Cossette. The board claims that providing this access would breach its contract with Mill Road. Cosmos has already expressed a willingness to increase its offer again to $8.10 per share, but has not done so at press time.

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