Cossette releases details of latest Cosmos bid
According to a statement released by Cossette on Nov. 20, Cosmos Capital has informed the Cossette board that it is prepared to increase its buy-out offer to $8.10 per share. Cosmos, which initially bid for the agency at $5.25 on Oct. 30, increased its offer to $7.87 on Nov. 17 to match the price offered by Mill Road Capital on Nov. 9. According to Cossette, the current offer of $7.87 is conditional on Cosmos gaining access to all non-public information relating to Cossette, any of its entities and its management. Cossette has requested that Cosmos supply documentation that it can finance a bid of $8.10, as well as information regarding the rationale behind the higher bid, its due diligence conditions, the terms of any support agreement and any other conditions of the offer. According to Cossette, it has received responses to some, but not all, of these requests. Cossette also maintains that Cosmos was offered access to its virtual data room in September, but declined because Cosmos was not willing to sign the standstill agreement required of other potential bidders. Cossette is still evaluating the latest Cosmos offer.