Logan International Inc. (LII.TO) announced that its board has undertaken a process to identify, examine and consider strategic alternatives available to maximize value for shareholders, which includes seeking proposals from potential buyers.
Simmons & Company International has been engaged as the exclusive financial advisor of the Board of Directors to assist in this process.
The initiation of this strategic alternative review process is not in response to any proposed transaction. Rather, the Board of Directors undertook a thorough review of the Company's current share price, assets and operations and concluded that the common shares of Logan trade at a substantial discount to the inherent value of the businesses and underlying assets of Logan.
Accordingly, the Board of Directors has decided to initiate this process to identify, examine and consider a range of strategic alternatives available to the Company. The ultimate objective of carrying out this review is to determine which alternative might result in superior value for shareholders of the Company.
The company said it has not set a definitive schedule to complete its strategic review.
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