Business
Plantro Ltd. Increases Purchase Price under All-Cash Tender Offer to Acquire Class A Shares of Information Services Corporation to $30 per Class A Share
Tender Offer Amended to up to 9.9% of Class A Shares Tender Offer Extended Until 5:00pm E...
About this update from Information Services Corp. Class A
[{"type":"text","content":"Plantro Ltd. Increases Purchase Price under All-Cash Tender Offer to Acquire Class A Shares of Information Services Corporation to $30 per Class A Share\n\n\n\n\n Tender Offer Amended to up to 9.9% of Class A Shares\n \n\n\n\n Tender Offer Extended Until 5:00pm Eastern Time on June 3, 2025\n \n\n\n ST. HELIER, Jersey, May 20, 2025 (GLOBE NEWSWIRE) -- Plantro Ltd. (“\n \n Plantro\n \n ”) today announced that it is extending and amending its ongoing all-cash tender offer (the “\n \n Tender Offer\n \n ”) to acquire 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 ”).\n \n\n Pursuant to the terms of a third amended and restated offer document dated May 20, 2025 (the “\n \n Offer Document\n \n ”), Plantro has increased the consideration under the Tender Offer to $30 per Class A Share, payable in cash (the “\n \n Tender Price\n \n ”). Plantro has also extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on June 3, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “\n \n Expiry Time\n \n ”). The maximum number of Class A Shares to be purchased under the Tender Offer has been reduced to 1,398,887 Class A Shares, reflecting that, together with the 435,150 Class A Shares Plantro currently owns, the Tender Offer is for a maximum of 9.9% of ISC’s issued and outstanding Class A Shares.\n \n\n Due in part to the extreme lack of trading liquidity of the Class A Shares, Plantro reduced the size of the Tender Offer and increased the Tender Price. The Tender Offer is an opportunity for shareholders weary of the ISC board of directors’ continued refusal to take actions to unlock value for shareholders, to realize full and fair value for their Class A Shares.\n \n\n Plantro notes that the Tender Price of $30 is\n \n above\n \n the 12-month price target of $28 per Class A Share maintained by the sell-side analyst for ISC’s primary financial advisor and equals the 12-18 month price target provided by a sell-side analyst of the other major Canadian investment bank providing research coverage of the Company...