Cossette receives takeover bid from former executives
Cossette co-founder and former vice chairman and president François Duffar (pictured) is part of the Cosmos Group bidding for the company, which 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.
Georges Morin is another Cosmos Group member and was until Saturday a director and senior vice president of Cossette.
Cosmos is offering C$4.95 per share to acquire Cossette in a deal valuing the business at C$78m – a 52% premium on Friday’s closing share price of C$3.25.
The members of Cosmos Group and their affiliates already own approximately 18% of Cossette’s outstanding shares. Investor Burgundy Asset Management has agreed to sell its 11% stake to Cosmos.
In a statement Cossette said its board would meet today to consider the “unsolicited” proposal.
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