(February 16 – 17:50 ET) – Canada Brokerlink’s Special Committee of the Board has recommended that Brokerlink shareholders, who tendered common shares in acceptance of the unsolicited take-over bid made by Equisure Financial Network, withdraw those shares prior to this Friday. Brokerlink is saying shareholders will then be able to preserve their flexibility to tender those shares to any other offer that may emerge before the expiry of Equisure’s offer.
Equisure recently extended the date for acceptance of its offer to 12:01 a.m. on February 24, 2000. However, Equisure’s extended offer only permits Brokerlink shareholders to withdraw any tendered shares up until 12:01 a.m. on Sunday, February 20, says Brokerlink. As a result, says the company, any Brokerlink shareholder who has tendered shares to Equisure may not be able to withdraw those shares and tender them to any alternative bid that may be announced after the close of business on Friday.
It is for this reason, says Brokerlink, that Brokerlink’s Special Committee recommends that all shares tendered to date be withdrawn by the close of business on Friday.
Brokerlink’s board of directors retained Newcrest Capital Inc. in January to identify and explore alternatives to Equisure’s unsolicited offer and to obtain the best value reasonably available to Brokerlink shareholders. To date, twelve interested parties have executed confidentiality agreements with Brokerlink. Based on non-binding expressions of interest received to date, Brokerlink’s special committee says there is a reasonable prospect that a proposal that is superior to Equisure’s $1.02 per share offer will emerge.
-IE Staff