TORONTO, June 18, 2013 /CNW/ - Softchoice Corporation (TSX: SO) today
announced the completion of the previously announced going-private
transaction by way of plan of arrangement involving Birch Hill Equity
Partners. As a result, Goliath Acquisition Inc., a corporation
indirectly owned by Birch Hill Fund IV, has acquired all of the
outstanding common shares of Softchoice for cash consideration of
$20.00 per common share (excluding certain common shares held by
certain members of senior management which have been exchanged for
shares in Goliath Acquisition Inc.).
It is expected that the common shares of Softchoice will be delisted
from the Toronto Stock Exchange on or about June 20, 2013 at the
closing of the market. Softchoice will also apply to cease to be a
reporting issuer under applicable Canadian securities laws.
Beneficial shareholders are not required to take any action in respect
of the completion of the Arrangement. The cash to be paid to beneficial
shareholders is expected to be credited to the beneficial shareholder's
broker, trustee, financial institution, dealer, bank, trust company,
custodian, nominee or other intermediary account through the procedures
in place for such purposes between CDS and such intermediaries, on or
shortly following June 24, 2013. Beneficial shareholders should contact
their intermediary if they have any questions regarding this process.
In order for a registered shareholder to receive the cash consideration
for the common shares, he, she or it must complete, sign, date and
return the letter of transmittal to Computershare Investor Services
Inc., in accordance with the instructions set out therein that was
mailed to all registered shareholders in connection with the Meeting.
The letter of transmittal and details regarding the transaction
contained in the management information circular of Softchoice dated
May 10, 2013 can be found under Softchoice's profile on SEDAR at www.sedar.com.
Computershare will make payments to registered shareholders who have
already validly deposited their share certificates and duly completed
letter of transmittal within thee business days from today.
Any questions regarding payment of the consideration, including any
request for another form of letter of transmittal, should be directed
to Computershare via telephone at 1-800-564-6253 (toll free in North
America) or (514) 982-7555 (outside North America) or via email at email@example.com.
Softchoice does not anticipate any changes to its business practices,
processes or personnel. Clients, partners and suppliers can expect to
conduct 'business as usual' and to work with the same Softchoice
representatives as usual.
As a leading North American provider of technology solutions and
services, Softchoice combines the efficiency and reliability of a
national IT supplier with the personal touch and technical expertise of
a local solutions provider. Softchoice's holistic approach to
technology includes solution design, implementation and asset
management and cloud services, as well as access to one of the most
comprehensive and cost-effective technology distribution networks in
North America. With over 1,200 employees, Softchoice manages the
technology needs of thousands of corporate and public sector
organizations across the United States and Canada.
The common shares of Softchoice are not registered under the U.S.
Securities Act of 1933 and are not publicly traded in the United
This press release contains forward-looking statements that involve
risks and uncertainties. These forward-looking statements relate to
expectations, intentions and plans contained in this press release that
are not historical fact. When used in this press release, the words
"anticipate", "expect", "will" and similar expressions generally
identify forward-looking statements. These statements reflect our
current expectations and are subject to a number of risks and
uncertainties including, but not limited to, change in technology and
general market conditions, many of which are set out or incorporated by
reference in Softchoice's latest Annual Information Form. Due to the
many risks and uncertainties, Softchoice cannot assure that the
forward-looking statements contained in this press release will be
SOURCE: Softchoice Corporation
For further information:
Sr. Manager of Communications
416-588-9002 xt. 2358