Clarke Inc. declares success in takeover of Granby Industries Income Fund
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Hey there, time traveller!
This article was published 19/02/2008 (6488 days ago), so information in it may no longer be current.
TORONTO – Clarke Inc. (TSX:CKI) is declaring success in a takeover bid for Granby Industries Income Fund (TSX:GBY.UN) that valued the trust at about $1.25 million.
Granby, with operations in Granby, Que., and Oakville, Ont., makes tanks for residential and light commercial storage of heating and other petroleum-based products. It is also a major manufacturer of coated copper tubing.
Halifax-based Clarke is an investment company with a strong background in vehicle transport.
Granby and Clarke said Tuesday that holders of about 3.5 million Granby units tendered their stock under Clarke’s January offer at a price of 17 cents each.
Combined with units already owned, Clarke now holds 70.17 per cent of Granby’s outstanding units and can acquire the rest under terms of its takeover bid. Clarke said Granby become part of the parent company and will apply to have its units delisted from the Toronto Stock Exchange.
On the Toronto market Tuesday morning, Clarke shares were down 11 cents at $7.17.