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Stone Investment sweetens offer for debentures, extends a day
By Wendy Van Sickle
Columbus, Ohio, Dec. 21 – Stone Investment Group Ltd. increased the amount it is willing to pay in the cash offer to purchase 7,293 debentures, raising the price per debenture to C$800 from C$770 and extended the offer period to 5 p.m. ET on Dec. 21, according to two press releases.
The financing is already in place for the increased amount.
The offer period was previously set to expire at 5 p.m. ET on Dec. 21.
Debentureholders who have already submitted irrevocable letters of transmittal will receive the increased offer price and need not take any action.
SIG is near 95% of its debenture threshold.
There is a competing offer to purchase the debentures by IC Capitalight Corp., and the competing offer may or may not be fully funded.
The cash offer is expected to be completed on Dec. 21.
Stone Investment is an independent wealth management company based in Toronto.
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