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Clairvest Enters Into Agreement to Tender Its Peer 1 Network Holdings to the Cogeco Offer
By: Marketwired .
Dec. 21, 2012 08:30 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/22/12 -- Clairvest Group Inc. (TSX:CVG) and Clairvest Equity Partners III Limited Partnership ("CEP III", collectively "Clairvest") today announced that Clairvest has entered into a lock-up agreement in respect of its common shares of PEER 1 Network Enterprises Inc. ("PEER 1"). Earlier today, Cogeco Cable Inc. ("Cogeco Cable") and PEER 1 publicly disclosed that they have entered into an agreement pursuant to which Cogeco Cable has agreed to acquire all of the issued and outstanding shares of PEER 1 by way of takeover bid (the "Offer"). PEER 1 shareholders will receive $3.85 in cash per share under the terms of the Offer. Under the terms of the lock-up Clairvest has agreed (among other things) to tender all of the common shares of PEER 1 held to the Offer, subject to the terms and conditions of that agreement.
In the event that the sale of PEER 1 to Cogeco Cable is consummated on the terms outlined above, the impact to Clairvest book value per share would be an increase of $0.30.
Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Persons who wish to obtain a copy of the early warning report that will be filed by Clairvest in connection with this transaction may obtain a copy of such report from http://www.sedar.com or by contacting the person below.
This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
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