Business
Insta-Rent Announces Friendly $0.50 Per Share Cash Offer by easyhome
EDMONTON, Aug. 14 /CNW/ - Insta-Rent Inc. (TSX-V:IRR) ("Insta-Rent" or the "Company") announced t...
About this update from Apollo Silver Corp
[{"type":"text","content":"\n\n\n\nEDMONTON, Aug. 14 /CNW/ - Insta-Rent Inc. (TSX-V:IRR) ("Insta-Rent" or\nthe "Company") announced today that it has entered into a definitive agreement\n(the "Support Agreement") pursuant to which easyhome Ltd. ("easyhome") has\nagreed, subject to the terms of the Support Agreement, to make an offer to\nacquire all the outstanding Insta-Rent shares by way of a take-over bid (the\n"Offer") for $0.50 per share in cash, valuing the Company at approximately\n$10.2 million.\n\n\nThe Support Agreement provides for, among other things, customary board\nsupport and non-solicitation covenants (subject to customary "fiduciary out"\nprovisions that entitle Insta-Rent to consider and accept a superior\nproposal). In the event a transaction is not completed, Insta-Rent has agreed\nto pay easyhome a termination fee of $365,000 in certain circumstances.\n\n\nIn connection with the Offer, all of the directors and certain other\nshareholders representing approximately 60% of the outstanding Insta-Rent\nshares (calculated on a fully-diluted basis) have entered into lock-up\nagreements with easyhome pursuant to which they have agreed to, among other\nthings, tender all their Insta-Rent shares to the Offer.\n\n\nThe Insta-Rent Board of Directors, after receiving the recommendation of\nits special committee and legal advisors, has unanimously determined that the\nOffer is fair and in the best interest of the Insta-Rent shareholders and to\nrecommend acceptance of the Offer. The Insta-Rent Board of Directors, has\nreceived an opinion from Paradigm Capital Inc. that the Offer is fair, from a\nfinancial point of view, to the shareholders of Insta-Rent.\n\n\nFormal documentation relating to the take-over bid is expected to be\nmailed by easyhome on or about August 20, 2008. The Offer will be open for\nacceptance for a period of not less than 35 days and will be conditional upon,\namong other things, valid acceptances of the Offer by Insta-Rent shareholders\nowning not less than 66 2/3% of the outstanding Insta-Rent shares (calculated\non a fully-diluted basis).\n\n\nCassels, Brock & Blackwell LLP is acting as legal counsel to Insta-Rent.\n\n\nAbout Insta-Rent Inc.\n\n\nInsta-Rent operates 50 stores across Canada under the Insta-Rent banner.\nInsta-Rent rents brand-name furniture, app...