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Dubai-based consortium makes bid for Minacs |
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2/11/2006 7:37:54 AM |
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Feb. 10, 2006. 03:57 PM
Minacs Worldwide Inc. (TSX: MXW), a Toronto-based call centre firm, has received $160-million takeover proposal from Dubai-based Multi International Invest FZC.
Multi International Invest said Friday it intends to acquire all of Minac's outstanding common shares for $5 apiece — a 33-per-cent premium to the closing price of Minacs shares on the Toronto Stock Exchange on Feb. 9.
Minacs shares soared $1.10, more than 28 per cent, to $4.95 in afternoon trading after a brief halt.
The proposed acquisition also includes the anticipated exercise of options and warrants and company debt.
"We applaud the improved financial performance of Minacs in 2005, and its plan to join the top ranks of contact centre outsource providers. Multi International's financial resources and international platform will provide critical support to Minacs as it pursues its aggressive growth strategy, and we look forward to the next exciting stage," said Syed Ali Shah, chairman and CEO of Multi International.
Multi International Invest FZC, whose head office is in Dubai, U.A.E., is owned by a private consortium of investors based in Europe and the Middle East, with holdings in the petroleum, manufacturing and financial industries. It intends to mail its offer to Minacs shareholders within the next three weeks.
Earlier Friday, Minacs said it will set up a special committee to deal with founder Elaine Minacs's request for a meeting as she tries to remove the current board of directors and sell the company.
"The special committee will be constituted at a meeting of the full board to be held within the next few days," the company said.
The firm also announced that Libby Burnham has resigned from the board "to deal with personal matters."
Executive chairwoman Elaine Minacs, the company's founder and largest shareholder with a 46.5-per-cent stake, announced last Friday she will ask stockholders to replace the current board with new directors who will move to enhance shareholder value, which included putting the company on the auction block.
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