Softchoice Corp. (SO.TO: Quote), a North American provider of IT Solutions and Services, announced that it has entered into an arrangement agreement under which certain funds managed by Birch Hill Equity Partners will indirectly acquire all of its common shares for cash at C$20.00 per share, representing total equity value, on a fully diluted basis, of approximately C$412 million.
Softchoice's board has unanimously determined that the arrangement is in the best interests of company and recommends that shareholders to vote in favor of the arrangement.
In addition, Softchoice's directors and certain senior executive officers have entered into voting agreements to vote shares held by them in favor of the resolution.
The company also stated that the upcoming annual meeting of shareholders scheduled for May 15, 2013 is being postponed until June 28, 2013 and will be canceled if the arrangement has been completed by then.
by RTT Staff Writer
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