Logistec is being taken over at 67$
Logistec is being taken over at 67$ up 62% from the initial Wintergem post on Jan 23rd 2023.
Logistec has announced today (October 16th 2023), that a definitive agreement was reached to be purchased at 67$. The link to the press release is included below:
There are a few considerations:
LOGISTEC shareholder approval for the transaction will consist of at least 66⅔% of the votes cast on the transaction by holders of Class A Common Shares and Class B Subordinate Voting Shares voting together as a single class at a special meeting of LOGISTEC shareholders.
The family which owns 45% of the shares, have agreed to the deal. As such 60% of the remaining shares 55% would have to vote AGAINST to block the deal. As such, it is very likely that the deal will go through.
The stock currently trades at 64.45$, of just 4% of the offer. The market is saying that the deal will go through.
The transaction is expected to be completed in the first quarter of 2024.
For now I am keeping my shares and will vote for unless a counter offer at a higher price is made. The 4% premium over a 4-6 months period is fine for me with the upsides of a higher takeover and some tax considerations.
As for the price, my fair value was 78$ in equivalent deal, so I am a little sour of the price, but the outcome is good for me to be able to reallocate a large portion of my holding (Logistec represents 20% of my portfolio) in cheap small cap as we seem to be entering a bear market. I will re-energized to look for small cap opportunities over the next few months to re-allocate this cash.
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