After seeing its bid to acquire Cossette trumped by a much better offer from an American investment firm, Cosmos Capital said it will “weigh its options.”
In a short release issued yesterday afternoon, Cosmos said “it will take the coming days to review the transaction documents filed publicly by Cossette” on Tuesday.
The Quebec City-based agency announced on Tuesday that it had received an all-cash offer of $7.87 per share. The sale price is 50% higher than the $5.25-per-share bid made by Cosmos Capital, the firm led by former Cossette executives François Duffar and Georges Morin that sparked the ownership change with an unsolicited offer for the company in July.
Aside from reviewing the documents, Cosmos said it will “consult with its financial partners and its advisors and before determining future plans,” and that no further comment would be made.
