Mill Road increases offer for Cossette
The merger agreement between Cossette and Mill Road Capital has been amended, increasing the cash purchase price from $7.87 to $8.10 per share. This matches the price that Cosmos Capital has expresses a willingness to offer, although no such offer has been made yet. The current Cosmos offer stands at $7.87 per share. The new Mill Road agreement requires a 66.6% minimum tender condition and includes a termination fee of $4.5 million. "We are pleased with the increased consideration under the Mill Road transaction," said Jean Lavigueur, chairman of the special committee that is considering both buy-out offers. "The board of directors and its special committee remain committed to maximizing value for shareholders while acting in the best interests of Cossette." The amended agreement has been approved by Cossette's board of directors, which will recommend the deal to its shareholders. The transaction will be considered at a general shareholders meeting on Dec. 18.