Converge Announces Management Information Circular
Converge Technology Solutions Corp. (CTS), a leading IT & Cloud Solutions provider, recently made an important announcement regarding its management information circular. This circular is a critical step in the journey toward an upcoming special meeting of shareholders, where they will be asked to approve the acquisition by H.I.G. Capital.
Details of the Shareholders Meeting
The Company is excited to share that the management information circular is now available on SEDAR+ as well as on Converge's website. This circular holds pertinent information for shareholders, particularly concerning the special meeting scheduled to discuss the acquisition.
Key Agenda for the Meeting
During the meeting, Converge shareholders will have the opportunity to vote on the arrangement resolution that will allow the Purchaser, an affiliate of H.I.G. Capital, to acquire all outstanding shares of the Company at a price of C$5.50 each. This marks a significant potential turning point for the company.
Significance of the Arrangement
The interim order issued by the Ontario Superior Court of Justice allows for the conduct of the meeting and ensures all necessary legalities are observed. Furthermore, the expiration of the waiting period under the HSR Act is another crucial step towards successfully completing this arrangement.
Insights from the Board
The Board of Directors of Converge has unanimously recommended that shareholders vote in favor of the arrangement. This recommendation is rooted in careful consideration by a special committee that evaluated various aspects of the deal to ensure it aligns with shareholder interests.
Reasons Behind the Board's Recommendation
Several key factors influenced the Board's decision to recommend the Arrangement:
- Premium Offer: The offered price represents a substantial premium over recent trading prices, providing shareholders with immediate liquidity and certainty.
- Immediate Value: The deal offers immediate financial benefits, alleviating concerns about long-term risks associated with maintaining the current business model.
- Comprehensive Evaluation: A rigorous process was undertaken to assess the interest of potential partners, ensuring that no better offers were received.
- Competitive Considerations: The Board took into account the current market conditions and the Company's competitive stance, concluding that the current arrangement offers the best value.
Shareholder Engagement
All shareholders are strongly encouraged to read the circular in its entirety and participate in the meeting, voting on the arrangement ahead of the proxy voting deadline. This represents a crucial moment for shareholders to have their say.
Contact Information for Assistance
For any questions or assistance regarding the voting process, shareholders are encouraged to reach out to the Laurel Hill Advisory Group, which serves as Converge's proxy solicitation agent:
Laurel Hill Advisory Group
Toll-Free: 1-877-452-7184 (for North America)
International: +1 416-304-0211 (Outside Canada and the US)
Email: assistance@laurelhill.com
About Converge Technology Solutions Corp.
Converge is championing a new approach to IT, heavily focused on human-centered solutions that aim to solve real-world challenges. Since 2017, the Company has dedicated itself to developing outcome-driven solutions across industries, ensuring that technology aligns seamlessly with customer needs.
Through its commitment to innovation and excellence, Converge empowers businesses with tailored IT and cloud solutions designed for success. The Company's AIM methodology ensures every solution is customized and strategic, allowing organizations to thrive in today’s complex environment.
Frequently Asked Questions
What is the purpose of the management information circular?
The circular provides essential details regarding the upcoming special meeting where shareholders will vote on approving the acquisition by H.I.G. Capital.
When is the special meeting scheduled?
The special meeting is expected to be held virtually on a date specified in the circular.
What is the significance of the acquisition?
This acquisition is poised to transform Converge's business trajectory, offering shareholders immediate liquidity and a premium on their shares.
How can shareholders participate in the voting process?
Shareholders can attend the virtual meeting and vote by following the instructions outlined in the management information circular.
Who can shareholders contact for assistance?
Shareholders can contact Laurel Hill Advisory Group for any questions regarding the voting process or meeting details.
