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Crescita Announces Definitive Agreement to Be Acquired by ClinActiv Holdings in an All-Cash Transaction at a Significant Premium
Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF) (“ Crescita ” or th...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"Crescita Announces Definitive Agreement to Be Acquired by ClinActiv Holdings in an All-Cash Transaction at a Significant Premium\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Crescita Therapeutics Inc.\n \n (TSX: CTX and OTC US: CRRTF)\n \n (“\n \n Crescita\n \n ” or the “\n \n Company\n \n ”) today announced that it has entered into a definitive arrangement agreement (the “\n \n Arrangement Agreement\n \n ”) with ClinActiv Holdings Inc.\n \n\n (“\n \n ClinActiv\n \n ”) and its affiliate (the “\n \n Purchaser\n \n ”) pursuant to which the Purchaser will acquire all of the issued and outstanding common shares of the Company (the “\n \n Shares\n \n ”) in exchange for all-cash consideration (the “\n \n Arrangement\n \n ”). The target purchase price is $0.80 per Share, subject to upward or downward adjustment based on the Company’s net working capital balance at the closing of the Arrangement, subject to a minimum purchase price of $0.75 per Share.\n \n\n The target purchase price of $0.80 per Share represents a premium of approximately 74% to the five-day volume weighted average price of the Shares on the Toronto Stock Exchange (the “\n \n TSX\n \n ”) as of the close of market trading on March 13 (being the last trading day prior to the announcement of the Arrangement).\n \n\n Certain significant shareholders, as well as the Company’s senior management and the directors of the Company who are shareholders, who collectively hold approximately 33% of outstanding Shares, have signed voting and support agreements pursuant to which they have agreed, among other things, to vote all of their Shares in favour of the Arrangement.\n \n\n Bloom Burton Securities Inc., financial advisor to the Company’s board of directors (the “\n \n Board\n \n ”), has provided an opinion (the “\n \n Fairness Opinion\n \n ”) that, as of the date hereof, the purchase price (including the minimum purchase price) is fair to the Company’s shareholders from a financial point of view.\n \n\n “We are pleased to present an opportunity for shareholders of the Company to achieve liquidity at a significant premium to the trading price of the Shares,” said Mr. ...