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Geotab completes acquisition of BSM Technologies
Geotab completes acquisition of BSM Technologies Canada NewsWire TORONTO, May 31...
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[{"type":"text","content":"\n\n\n\nGeotab completes acquisition of BSM Technologies\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 31, 2019\n\n\n\nTORONTO, May 31, 2019 /CNW/ - BSM Technologies Inc. (TSX:GPS) (\"BSM\" or the \"Corporation\"), a leading provider of Internet of Things (IoT) enabled telematics and asset management solutions, is pleased to announce the successful completion of its previously announced acquisition by Geotab Inc. (\"Geotab\"), pursuant to which, among other things, 2689285 Ontario Inc. (\"Geotab Subco\"), a wholly-owned subsidiary of Geotab, acquired all of the outstanding common shares of BSM (\"BSM Shares\") not already held by Geotab by way of a court-approved plan of arrangement (the \"Arrangement\").\nUnder the terms of the Arrangement, holders of BSM Shares (other than Geotab) are entitled to receive cash consideration of CDN $1.40 in exchange for each BSM Share held immediately prior to the effective time of the Arrangement. Geotab Subco has delivered sufficient funds to the depositary to enable the distribution of payments described in the Arrangement. In accordance with the Arrangement, payment will be made to BSM shareholders as soon as practicable. Shareholders who own BSM Shares through an intermediary should contact such intermediary for details regarding payment for their BSM Shares. \nWith the Arrangement now complete, Geotab intends to cause (i) the BSM Shares to be delisted from the Toronto Stock Exchange, and (ii) BSM to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations. \nThe consideration received under the Arrangement represents a total equity value, on a fully-diluted basis, of approximately CDN $116.3 million.\nFurther details regarding the Arrangement are set out in the management information circular of BSM dated April 23, 2019, which is available on BSM's website at www.bsmtechnologies.com and on SEDAR (www.sedar.com) under BSM's issuer profile.  \nAbout Geotab Inc. \nGeotab is advancing security, connecting...