TORONTO - Q4, a Toronto-based technology company, has entered into a definitive agreement with Sumeru Equity Partners, a private equity firm, for an acquisition valued at approximately C$257 million ($186.2 million). The announcement made Today comes after shares of Q4 were valued lower than the acquisition offer before the weekend.
The deal will see Sumeru acquire all outstanding shares of Q4 at C$6.05 per share, representing a 36% premium over the closing price on Friday. This strategic move includes a "go-shop" provision which allows Q4 to seek out alternative acquisition proposals that may be superior for an initial period of 35 days.
Key stakeholders in Q4, including Ten Coves Capital, founder and CEO Darrell Heaps, director Neil, and another individual are set to exchange approximately 13.7 million shares, equating to a 34% stake in the company, for an equity interest in an entity controlled by Sumeru.
This definitive agreement is the culmination of a review process initiated by Q4 due to the expressed interest from Sumeru and other potential suitors. The transaction underscores the value recognized in Q4's offerings and positions the company for further growth under the new ownership structure.
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