Cossette forms committee to consider its options
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CANADA— Bid target Cossette has formed a special committee to consider a takeover proposal from one of its co-founders and to review “the various strategic options available” to the marketing communications group.
In a statement, Cossette said: “The committee may actively solicit and consider proposals from third parties relating to the acquisition of the company.”
The firm received an approach from its co-founder and former vice chairman and president François Duffar earlier this week.
Duffar’s Cosmos Group – which includes another former Cossette executive Georges Morin – is offering C$4.95 per share to acquire the company in a deal valuing the business at C$78m.
Cossette provides strategic planning and research services through its agencies Nucleus and Impact Research in Canada, Cossette in the US and Miles Calcraft Briginshaw Duffy in the UK.
