BRIEF-Skion and La Caisse partner to acquire Ovivo

Wed Jul 13, 2016 9:23am EDT
 
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July 13 (Reuters) - Ovivo Inc

* Skion and La Caisse partner to acquire Ovivo for cash consideration of $4.00 per share; 38 percent 30-day VWAP premium

* Ovivo Inc says all directors and officers of Ovivo have agreed to vote all shares they respectively control in favour of transaction

* Ovivo will continue to be operated as a standalone company

* Transaction total enterprise value is approximately $185 million, including assumption of indebtedness

* La Caisse,Ovivo's largest equity shareholder, will increase its existing 18.7 percent ownership in corporation to a 30 percent equity interest

* Says transaction is not subject to any financing condition and is expected to close before end of September 2016

* Shareholders holding approximately 32.2 percent of SVS and approximately 78.8 percent of MVS have agreed to vote their shares in favor of transaction

* Upon completion of transactions, Ovivo will be privately owned by Skion (70 percent) and La Caisse (30 percent)

* Ovivo Inc says termination fee of $6.25 million would be payable by co to Skion in certain circumstances Source text for Eikon: Further company coverage: