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BRIEF-Skion and La Caisse partner to acquire Ovivo

Published 2016-07-13, 09:23 a/m
© Reuters.  BRIEF-Skion and La Caisse partner to acquire Ovivo
OVIa
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July 13 (Reuters) - Ovivo Inc OVIa.TO
* Skion and La Caisse partner to acquire Ovivo for cash
consideration of $4.00 per share; 38 percent 30-day VWAP premium
* Ovivo Inc says all directors and officers of Ovivo have
agreed to vote all shares they respectively control in favour of
transaction
* Ovivo will continue to be operated as a standalone company
* Transaction total enterprise value is approximately $185
million, including assumption of indebtedness
* La Caisse,Ovivo's largest equity shareholder, will
increase its existing 18.7 percent ownership in corporation to a
30 percent equity interest
* Says transaction is not subject to any financing condition
and is expected to close before end of September 2016
* Shareholders holding approximately 32.2 percent of SVS and
approximately 78.8 percent of MVS have agreed to vote their
shares in favor of transaction
* Upon completion of transactions, Ovivo will be privately
owned by Skion (70 percent) and La Caisse (30 percent)
* Ovivo Inc says termination fee of $6.25 million would be
payable by co to Skion in certain circumstances

Source text for Eikon: ID:nCNWzZBXXa
Further company coverage: OVIa.TO

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