Cosmos Capital requests access to Cossette records
By Adnews Staff
Cosmos Capital sent a letter to Cossette on Aug. 6 requesting access to the agency's financial books and records by Aug. 17 as part of the due diligence required by its July 20 stock purchase offer. The letter said, in part, "Notwithstanding the poor operating and financial performances during recent quarters, the senior management team's lackadaisical response to it, and the resulting ongoing financial stress on the organization, we are willing to reaffirm our price of $4.95 if we are granted access to the company's books and records by the date mentioned above. In the event that we are not, we will reassess our price and interest in the transaction." Cossette has since stated that it will not formally respond to this request until it has completed its evaluation of the Cosmos proposal.