QUÉBEC CITY, Dec. 7 /CNW Telbec/ - Cossette Inc. ("Cossette") announced today that two leading independent voting advisory services, being Institutional Shareholders Services Canada Corp. ("ISS Canada"), a member of the RiskMetrics Group, and Glass Lewis & Co. ("Glass Lewis"), are recommending that shareholders of Cossette vote for the amended privatization transaction with Mill Road Capital, L.P. ("Mill Road") at an increased price of $8.10 in cash per share (the "$8.10 Mill Road Transaction").
In concluding that the $8.10 Mill Road Transaction warrants shareholder support, ISS Canada noted that "the company appears to have dealt with the privatization in a careful and methodical manner" and that "the company has followed a transparent and value enhancing process after the initial offer was received." In recommending that shareholders vote for the $8.10 Mill Road Transaction, Glass Lewis noted that "the board (of Cossette) conducted a full strategic review involving multiple interested parties", that "such a process, all things being equal, yields the highest possible valuation for a company" and that "absent a superior offer, we believe the proposed transaction (with Mill Road) is in the best interests of shareholders."
As previously announced, the special general meeting of shareholders of Cossette to consider the $8.10 Mill Road Transaction will be held at 10:00 a.m. (Eastern time) on Friday, December 18, 2009 at the Auditorium of Auberge Saint-Antoine, 8 Saint-Antoine Street in Québec City, Québec. The board of directors of Cossette unanimously recommends (with interested directors abstaining) that shareholders of Cossette vote in favour of the $8.10 Mill Road Transaction.
To ensure that their vote is recorded, shareholders should return the yellow form of proxy accompanying the update to the management information circular that was mailed to shareholders in connection with the special meeting of shareholders, properly completed and signed, prior to 5:00 p.m. (Eastern time) on December 16, 2009, in the envelope provided for that purpose, whether or not they plan to attend the meeting. The form of proxy accompanying the initial notice of meeting dated November 20, 2009 is not valid to vote on the $8.10 Mill Road Transaction.
If shareholders have any questions or need assistance in their consideration of the $8.10 Mill Road Transaction or with the completion and delivery of their proxy or letter of transmittal, they should call the proxy solicitation agent, Georgeson Shareholder Communications Canada Inc., toll-free, at 1-866-413-8828.
Permission to use quotations was neither sought nor obtained from ISS Canada or Glass Lewis.
Cossette Inc. offers a full range of leading-edge communication services to clients of all sizes, including some of the most prestigious brands in the world. A customer-driven organization built around highly specialized business units, Cossette also offers Convergent Communications(TM), a unique working method that brings added value to the client by integrating various services offered by the Group, including strategic planning and research, advertising, media buying and channel planning, sales promotion, direct response, database and direct marketing, customer relationship management, interactive marketing and technology solutions, public relations, organizational communication and change management, sponsorship and alliance marketing, branding and design, ethnic marketing, business-to-business communications (B2B practices) and print and video production. Cossette has approximately 1,437 employees and offices in Quebec City, Montreal, Toronto, Vancouver, Halifax, New York, Irvine, Los Angeles, London and Shanghai.
SOURCE COSSETTE INC.
For further information: For further information: Financial Analysts only: Martin Faucher, Vice-President and Chief Financial Officer, (418) 521-3784; Investors: Francis Trudeau, Director, Acquisitions and Investor Relations, (514) 282-4633; Medias: Maxime Couture, Optimum Public Relations, (418) 521-3770; Source: Cossette Inc.; www.cossette.com