Algonquin Mercantile Corporation Announces Take-over Bid of Durkin Hayes Publishing Ltd. by way of Share Exchange.TORONTO--(BUSINESS WIRE)--Dec. 24, 1996--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AM) Algonquin Algonquin (ălgŏng`kwĭn, -kĭn), small group of Native North Americans. The name of the Algonquian branch of the Algonquian-Wakashan linguistic stock (to which they belonged) is derived from their name (see Native American languages). Mercantile Relating to trade or commerce; commercial; having to do with the business of buying and selling; relating to merchants. A mercantile agency is an individual or company in the business of collecting data about the financial status, ability, and credit of individuals Corporation ("Algonquin") announces that, subject to regulatory approval, it intends to make an offer (the "Offer") to the shareholders of Durkin Hayes Hayes, river, c.300 mi (480 km) long, rising in a lake NE of Lake Winnipeg, central Manitoba, Canada, and flowing NE to Hudson Bay. It was the chief route used by Hudson's Bay Company traders from Hudson Bay to Lake Winnipeg and the interior; York Factory, an Publishing Ltd. ("Durkin Hayes") to acquire up to 8,000,000 common shares of Durkin Hayes. The Offer constitutes a "take-over bid" within the meaning of applicable securities legislation. Subject to the satisfaction of certain conditions of the Offer, shareholders of Durkin Hayes who tender their shares pursuant to the Offer will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to one (1) common share of Algonquin for (8) eight common shares of Durkin Hayes being tendered. The Offer is not conditional on any number of shares of Durkin Hayes being tendered. Algonquin currently owns 5,134,100 common shares of Durkin Hayes. If all 8,000,000 common shares of Durkin Hayes are tendered and taken up pursuant to the Offer, Algonquin will own 13,134,100 common shares of Durkin Hayes, representing approximately 66 percent of the issued and outstanding common shares of Durkin Hayes. If the take-over bid is successful, Algonquin intends to seek representation on the Board of Directors of Durkin Hayes and to strive for a return to the former profitability standards of Durkin Hayes. -0- NOTE: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the foregoing information. CONTACT: Algonquin Mercantile Corporation Winston Ash, 905/841-4473 905/841-2714 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion