Brief: Morguard Corporation Announces Going Private Proposal For Temple Hotels Inc. At $2.10 Per Common Share In Cash

Morguard

15/11/2019 14:56

Morguard Corp  MRC.TO :
    * MORGUARD CORPORATION ANNOUNCES GOING PRIVATE PROPOSAL FOR
TEMPLE
HOTELS INC. AT $2.10 PER COMMON SHARE IN CASH
    * MORGUARD CORP - EXPECTS THAT BOARD OF DIRECTORS OF TEMPLE
WILL
ESTABLISH A SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO
CONSIDER PROPOSED TRANSACTION
    * MORGUARD CORP - MINORITY SHAREHOLDERS OWNING ABOUT 16.9%
OF
TEMPLE HOTELS INC SHARES AGREED TO SUPPORT PROPOSED DEAL
    * MORGUARD - EXPECTS THAT PROPOSED TRANSACTION WOULD BE
IMPLEMENTED BY WAY OF A PLAN OF ARRANGEMENT UNDER CANADA
BUSINESS CORPORATIONS ACT
    * MORGUARD CORP - PROPOSED TRANSACTION WOULD NOT BE
CONTINGENT ON
FINANCING
    * MORGUARD CORP - INFORMED TEMPLE IT IS NOT PREPARED TO
ENTERTAIN
ALTERNATIVE TRANSACTIONS, HAS NO INTENTION OF DISPOSING OF ITS
HOLDING IN TEMPLE
    * MORGUARD CORP - CURRENTLY OWNS ABOUT 72.6% OF ISSUED AND
OUTSTANDING TEMPLE COMMON SHARES
    * MORGUARD CORP - PROPOSED DEAL WOULD NOT BE CONTINGENT ON
FINANCING
    * MORGUARD - EXPECTED TEMPLE SHARES HELD BY CO, ARMOYAN, IF
VOTED
IN PROPOSED DEAL FAVOUR, WOULD BE SUFFICIENT FOR NEEDED TEMPLE
SHAREHOLDER APPROVALS

Source text for Eikon:  ID:nCNWVmFnva 
Further company coverage:  MRC.TO