Indigo Books & Music Inc. has agreed to be taken private after agreeing to a sweetened offer from a holding company connected to its largest shareholder.
The retailer says its agreement will see Trilogy Retail Holdings Inc. and Trilogy Investments L.P. pay $2.50 per share in cash for the stake in Indigo they do not already own.
The Trilogy companies, owned by Gerald Schwartz, the spouse of Indigo chief executive Heather Reisman, offered Indigo $2.25 per share in cash in February.
Indigo did not say what caused Trilogy to boost its offer but noted the new price reflects a 69 per cent premium on the share price of $1.48 that Indigo had when Trilogy first made its bid.
Indigo says an independent committee of its board of directors recently unanimously recommended the company accept Trilogy’s latest offer.
‘Challenging years for the business’
If shareholders agree to the deal during a May…
