BRAMPTON, ON, Nov. 10, 2016 /CNW/ - Franchise Bancorp Inc. (TSXV:FBI) (the "Company") announced that its board of directors (the "Board") has mailed the required directors' circular (the "Directors' Circular") to all shareholders in respect of the previously announced offer by WTF Holdings Inc. (the "Offeror") to purchase all of the outstanding common shares of the Company not already owned by the Offeror or its affiliates for $2.13 per common share in cash (the "Offer").
The Directors' Circular confirms that the Board, acting upon the unanimous recommendation of its Independent Committee, is recommending that the shareholders accept the Offer and tender their common shares to the Offer.
The Offer is open for acceptance at any time prior to 4:00pm (Toronto time) on January 3, 2017 unless withdrawn or extended in accordance with the terms of the Offer. The Offer is subject to certain conditions, which are described in the Offeror's take-over bid circular dated October 28, 2016.
Full details of the Offer are contained in the take-over bid circular of the Offeror and the Directors' Circular, copies of which are available on SEDAR at www.sedar.com.
SOURCE Franchise Bancorp Inc.