TSX : PSD
CALGARY, June 20 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announces that it has received from Quantum Yield Inc. ("Quantum") an unsolicited offer to acquire all of the outstanding shares of Pulse for $3.05 (Cdn) principal amount of a debenture of Quantum in exchange for each Pulse share.
Pulse had no prior discussions with Quantum and no prior indication that the offer was being made. Pulse, its directors and its advisers are reviewing the offer. In terms of initial reaction, the consideration offered by Quantum appears to be highly unusual and speculative. Upon completion of the proposed offer, Quantum would have a capital structure consisting of 100% debt and no equity. In addition, the description of the terms of the Debentures offered by Quantum is extremely vague and imprecise and have no current liquidity. Shareholders and investors should carefully consider what value the Quantum offer represents.
Pulse recommends that its shareholders defer making any decision and not tender any shares to the offer until the Board of Directors has had an opportunity to review the offer and make a recommendation as to the merits. Shareholders will be notified promptly of any recommendations by the Board in accordance with applicable securities laws.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's most recent Annual Report and interim reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, except as required by law.