Clairvest Group Inc. (TSX: CVG) announced today that in light of recent trading activity in the shares of Discovery Air Inc. (TSX: DA.A), certain investment funds managed by it, together with certain other parties, have made a non-binding proposal to the board of directors of Discovery Air to acquire all of the common shares of Discovery Air not currently controlled by the purchaser group.
Clairvest is currently in discussions with a special committee of the board of directors of Discovery Air regarding the terms of the proposed transaction.
Clairvest said it is willing to offer $0.20 per share and is not prepared to enter into a transaction at a price per share materially higher than the proposed price and that it has no interest in selling its holdings in Discovery Air.
Clairvest, Clairvest Equity Partners IV Limited Partnership, Clairvest Equity Partners IV-A Limited Partnership, CEP IV Co‐Investment Limited Partnership, together with interested parties control approximately 86% of Discovery Air’s shares and approximately $110 million of Discovery Air’s secured convertible debentures, representing a significant portion of Discovery Air’s third party debt.
photo credit: Discovery Air