Shares of Indigo Books & Music up more than 50% after pair of companies owned by Gerald Schwartz make privatization proposal; Trilogy Retail Holdings, Trilogy Investments offered to pay C$2.25 per share in cash for stake in company they don't already own

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TORONTO, Ontario , February 2, 2024 (press release) –

Shares of Indigo Books & Music Inc. were up more than 50 per cent in early trading after it received a proposal to be taken private from a pair of companies owned by controlling shareholder Gerald Schwartz.

Indigo shares were up 76 cents at $2.24 in early trading on the Toronto Stock Exchange.

Trilogy Retail Holdings Inc. and Trilogy Investments L.P. announced a non-binding offer after the close of trading Thursday that would see them pay $2.25 per share in cash for the stake in Indigo they do not already own.

The two Trilogy firms are personal holding companies of Schwartz, the Onex Corp. founder and chairman who sits on Indigo's board of directors and is the spouse of Indigo chief executive Heather Reisman.

Through the Trilogy firms, Schwartz owns about 56 per cent of Indigo's issued and outstanding common shares, while another 4.6 per cent belong to Reisman through a different holding company.

Trilogy said it's not interested in selling any of its shares.

This report by The Canadian Press was first published Feb. 2, 2024.

Companies in this story: (TSX:IDG)

© 2024 The Canadian Press. All rights reserved.

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