(October 28 – 09:15 ET) – Assante Corporation , a Winnipeg-based provider of integrated wealth and life management services, has reached an agreement to acquire the sports representation firm, Steinberg Moorad & Dunn, of Newport Beach, California.
Closing is scheduled for October 31, 1999, subject to certain conditions, including regulatory approvals.
Under the terms of the deal, Leigh Steinberg will become Chief Executive Officer of Assante Sports Management Group. Mr. Steinberg will assume this new position immediately, in addition to his responsibilities at Steinberg Moorad & Dunn. Jeffrey S. Moorad will assume the position of Managing Director for Assante Sports Management Group.
Under the purchase agreement Assante will pay an undisclosed cash amount and pay $35,000,000 US through the issue of 2,707,000 non-voting convertible special shares at $19.00 CDN per share. Subject to permitted conversion deferrals resulting from extraordinary events, Assante said in a statement, these special shares must be converted into subordinate voting shares on the third anniversary of the date of their issue. They may be converted earlier at the option of the holder if the market value of Assante’s subordinate voting shares reaches $19.00. The conversion rate is based on the market price of the subordinate voting shares at the time but will not in any event exceed $19.00.
-IE Staff
For more please see: