NEWS25 November 2009

Update: Cossette rejects Cosmos takeover bid

M&A North America

CANADA— Cossette’s board of directors has rejected a takeover offer of $7.87 per share from Cosmos Capital, the group headed by former Cossette vice-chairman François Duffar.

The marketing services group has already agreed a similarly-priced deal with US private equity firm Mill Road Capital, which it has urged shareholders to accept over the Cosmos bid.

Cossette says it is still in communication with Cosmos over the suggestion that Duffar (pictured) and his colleagues may be willing to up their offer price to $8.10 per share, provided they are satisfied by what they see in the company’s books.

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