TORONTO, ONTARIO–(Marketwired – Oct. 28, 2016) – Franchise Bancorp Inc. (TSX VENTURE:FBI) (the “Company“) announces that WTF Holdings Inc. (the “Offeror“), a company controlled by insiders of the Company, has today formally commenced an insider bid (the “Insider Bid“) to acquire the remaining shares of the Company not already held by the Offeror.
The Offeror first announced its intention to undertake an Insider Bid in the spring of this year and the Company subsequently formed an independent committee (the “Independent Committee“) to consider and oversee the process as required by applicable laws.
The Offeror is required to allow the shares which are the subject of the Insider Bid to be deposited under the Insider Bid for an initial deposit period of at least 105 days unless the Company’s Board agrees to abridge this time period in which case, the initial deposit period may not be less than 35 days. Upon the recommendation of the Independent Committee, the Company’s Board has agreed to abridge the initial deposit period to 67 days, providing for an initial expiry time of January 3, 2017.
The Company’s Board will prepare and issue the required directors’ circular within the timeframe required by applicable law.
Director and Chairman of Independent Committee
philbarnes@rogers.com
Website: www.franchisebancorp.com