Commercial Solutions (TSX:CSA) announced that it has entered into a Letter of Intent with Industrial Distribution Group, Inc., where Industrial Distribution Group will acquire Commercial Solutions for a cash purchase price of CAD$51.38 million, translating into approximately CAD$1.50 in cash per Common Share.
Completion of the proposed transaction is subject to certain conditions including, but not limited to, the execution of a definitive binding arrangement agreement, approval of the Board of Directors of IDG, the approval of at least 66 and 2/3% of the votes cast in person or by proxy at a special meeting of the Company’s shareholders, and regulatory and court approval.
Commercial Solutions’ President and Chief Executive Officer Jim Barker says:
This transaction brings our shareholders significant value and opportunity for our organization to integrate with a North American leader to provide a strong platform for enhanced client service and expanded opportunities for our employees.
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