Business
Rocky Mountain Dealerships Inc. Announces End of Go-Shop Period and Confirms No Superior Proposal Was Submitted During the Go-Shop Period; Re-Affirms Support for Previously Announced Going-Private Transaction
Calgary, Alberta--(Newsfile Corp. - December 7, 2020) - Rocky Mountain Dealerships Inc. (TSX: ...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"Rocky Mountain Dealerships Inc. Announces End of Go-Shop Period and Confirms No Superior Proposal Was Submitted During the Go-Shop Period; Re-Affirms Support for Previously Announced Going-Private TransactionCalgary, Alberta--(Newsfile Corp. - December 7, 2020) - Rocky Mountain Dealerships Inc. (TSX: RME) (\"RME\" or the \"Company\") today announces the expiration of the 35-day go-shop period (the \"Go-Shop Period\") provided for in the arrangement agreement dated November 1, 2020 (the \"Arrangement Agreement\") between RME and 2223890 Alberta Ltd. (\"AcquireCo\"), pursuant to which AcquireCo will acquire all of the issued and outstanding common shares of RME (the \"RME Shares\") held by RME shareholders (the \"RME Shareholders\"), other than certain shares held by interested parties, in exchange for $7.00 in cash (the \"Cash Consideration\") for each such RME Share (the \"Proposed Transaction\"). No Superior Offer SubmittedDuring the Go-Shop Period, RME and its representatives actively solicited, encouraged and initiated discussions with third parties that expressed an interest in acquiring RME, which resulted in a broad market check to ensure that value is maximized for RME Shareholders. RBC Capital Markets (\"RBC\"), RME's financial advisor, contacted 49 parties, including both strategic and financial buyers. Of the parties contacted, six entered into confidentiality agreements with RME and were granted access to non-public information about RME, including the Company's business plan and financial forecast. RME did not receive any acquisition proposal during the Go-Shop Period.Board RecommendationFollowing the conclusion of the Go-Shop Period, the board of directors of RME (the \"Board\"), at the request of AcquireCo, is reconfirming its prior recommendation that RME Shareholders vote FOR the Proposed Transaction at the special meeting of RME Shareholders to be conducted virtually on December 17, 2020. The Board also reaffirms its conclusions that the Cash Consideration is fair, from a financial point of view, to the RME Shareholders (except for the interested parties as it relates to RME Shares owned or controlled by them) and that the Arrangement and the entering into of the Arrangement Agreement are in the best interests of RME.Reasons to Support the TransactionCompelling Value Proposition and Attractive Premium: The Cash ...