MONTREAL, Dec. 7 /CNW Telbec/ - Cosmos Capital Inc. (Cosmos) announces today that it is withdrawing its offer to acquire shares of Cossette Inc. at $7.87 per share and that it does not intend to submit a higher offer to acquire the company. Having consulted with its investors and financial partners, and given its inability to review the company data to better assess its financial wherewithal and potential for growth, Cosmos has decided not to submit an increased offer to Cossette shareholders. The current offer is being withdrawn without any shares being taken up thereunder as certain conditions of the offer will not be satisfied.
Commented Francois Duffar, Chairman and CEO of Cosmos Capital: "Though the process lasted longer than expected and the result was not the one we had hoped for, we are convinced that it will be beneficial for Cossette's shareholders, customers and partners, as well as for its talented employees. They can now focus their efforts on helping the company regain the position it deserves. We wish our former colleagues much success with the company and with their business association with Mill Road."
François Duffar concluded: "Georges Morin joins me in thanking the investors who supported us well as our financial partners, HIG Private Equity, and our financial and legal advisors, Genuity Capital Markets, Torys LLP and McCarthy Tétrault."
About Cosmos Capital Inc.
Cosmos Capital is a company incorporated in Québec. Its investors include two of Cossette's founding partners - François Duffar, former Vice-Chair and President of Cossette and Georges Morin, former Senior Vice President of Cossette - Jean Monty, President of Libermont Inc., Daniel Bernard, President of Provestis and Chairman of Kingfisher plc and H.I.G. Capital, LLC, a leading global private equity investment firm.
SOURCE COSMOS CAPITAL INC.
For further information: For further information: Sylvia Morin, Cosmos Group, (514) 240-3841, Sylvia_morin@yahoo.ca