Homburg Invest Inc. ‘s board of directors has unanimously decided the unsolicited non-binding proposal submitted by Richard Homburg is not in the best interests of the company.
Upon receipt of the proposal, an independent committee of Homburg Invest Inc.’s board met to consider it, along with its independent financial and legal advisors.
The company says after careful consideration, including the report and recommendation of the committee, the board has determined the proposal in its current form isn’t in the best interests of Homburg Invest Inc. (HII) as it cannot be implemented as proposed.
Deloitte & Touche L.L.P. acted as independent financial advisor and McCarthy Tétrault LLP acted as independent legal counsel to advise the Committee in connection with the proposal.
Given the unsolicited and non-binding nature of Homburg’s offer, the board and committee are notifying shareholders that no formal offer has been made for its shares.