Business
Plantro Ltd. Announces Amendments to Terms and Extension to Premium All-Cash Tender Offer to Acquire up to 15% of Class A Limited Voting Shares of Information Services Corporation
Tender Offer expiry extended to April 28, 2025 to allow shareholders more time to consider the Te...
About this update from Information Services Corp. Class A
[{"type":"text","content":"Plantro Ltd. Announces Amendments to Terms and Extension to Premium All-Cash Tender Offer to Acquire up to 15% of Class A Limited Voting Shares of Information Services Corporation\n\n\n\n\n Tender Offer expiry extended to April 28, 2025 to allow shareholders more time to consider the Tender Offer\n \n\n Amendments and extension, which will benefit ISC shareholders, following constructive engagement with the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission\n \n\n\n ST. MICHAEL, Barbados, April 08, 2025 (GLOBE NEWSWIRE) -- Plantro Ltd. (“\n \n Plantro\n \n ”) today announced amendments to the terms of, and an extension of, its offer to acquire up to 2,777,342 Class A Limited Voting Shares (the “\n \n Class A Shares\n \n ”) in the capital of Information Services Corporation (TSX: ISC) (“\n \n ISC\n \n ” or the “\n \n Company\n \n ”), (the “\n \n Tender Offer\n \n ”) at a price of $27.25 per Class A Share, payable in cash (the “\n \n Tender Price\n \n ”). The amendments and extension, which will benefit ISC shareholders, were made following constructive engagement with the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission.\n \n\n Plantro continues to believe the Tender Offer is an opportunity for ISC shareholders to receive an attractive premium, amid volatile markets, for a highly illiquid stock. Plantro was surprised and disappointed at the aggressive and hyperbolic posture adopted by ISC’s board of directors (the “\n \n ISC Board\n \n ”) in response to the Tender Offer. Plantro has made repeated requests to meet with the Chair, other members of the ISC Board and management. However, the ISC Chair, Board and management have not responded, opting instead to have their legal counsel issue hostile letters to Plantro explicitly stating that ISC has rejected the opportunity to meet.\n \n\n Plantro respectfully urges the ISC Board to reconsider its current approach, particularly regarding personal attacks and mischaracterizations. For example, ISC referenced Dye & Durham, an unrelated company to this matter, in which both Plantro and ISC were shareholders in 2015. At that time, ISC acquired a 30% stake in Dye & Durham for...