INNOVA Shares Validly Tendered Under Pollard Banknote’s Purchase Offer
Pollard Banknote Limited and INNOVA Gaming Group Inc. have edged one big step towards the finalization of the purchase deal that will see the Canadian gaming company get acquired by Winnipeg-based ticket giant Pollard Banknote.
INNOVA Purchase Deal Near
The two companies from Canada announced on Monday, 07 August, that 17,929,021 common shares if INNOVA, which stands for approximately 89.32% of the outstanding Common Shares got tendered under Pollard Banknote’s offer to acquire all of company’s shares for a previously agreed price in excess of $2.50 per share.
The full price is to be paid in cash, whereas the initial deposit period for the offer started on 03 August at 5:00 PM, Toronto time. INNOVA and Pollard Banknote subsequently extended the offer to 15 August, when it’s expected that the deal will finally go through after several hiccups which occurred earlier this year.
The main roadblock in purchase negotiations was INNOVA’s stance on Pollard Banknote’s initial offer that was branded as undervaluing to the market worth of the company’s shares.
Since each condition stipulated in the renewed offer have now been officially met and fulfilled, including the condition which is required by applicable Canadian securities laws stating that more than 50% of the Common Shares shall be tendered to the Offer.
Extended Tender Period
John Pollard, co-chief executive officer of Pollard Banknote said his company was very pleased with the strong display of support from INNOVA shareholders who ultimately enabled the entire deal to go through.
Under the terms of the Canadian securities law, the Purchase Offer has been officially extended for a mandatory extension period as Pollard Banknote are expected to receive all remaining untendered common shares.
The extended deposit period will go through no further extension periods and all shareholders who haven’t tendered their INNOVA shares yet are encouraged to do so before the given timeline.