Galvanic Applied Sciences Offer Closes
The offeror, 1756349 Alberta, is a subsidiary of Tuckerman Capital, 2SV Capital and Right Lane Capital. According to a security filing, 1756349 Alberta paid CAD 19.9 million ($19.0 million) in cash for the acquired shares. Galvanic’s fiscal 2013 sales ending April 30 rose 4.3% to CAD 17.4 million ($17.2 million = CAD 1.01 = $1) (for financial results, see page 12). 1756349 Alberta’s offer price represented a 6.3% premium over Galvanic’s closing stock price on June 24, not a 10.4% premium as reported in the June 30 issue of IBO.
Calgary, Canada 8/2/13; Calgary, Canada 8/7/13; Calgary, Canada 8/7/13; Toronto, Canada 8/7/13; Toronto, Canada 8/1/13; Toronto, Canada 8/5/13; Toronto, Canada 8/14/13— On August 7, 1756349 Alberta completed its offer to purchase the outstanding shares of Galvanic Applied Sciences, a provider of online analytical instrumentation for natural gas and liquid processing, for CAD 1.70 per share ($1.63 = CAD 1.05 = $1), with 70% of issued and outstanding shares tendered (see IBO 6/30/13). In accordance with the terms of the offer, Galvanic’s current directors have resigned and 1756349 Alberta has appointed new directors. A subsequent acquisition transaction by 1756349 Alberta will be complete prior to the end of September. On August 1, Jaguar Financial and Cinnamon Investments, which together own 7% of Galvanic’s issued and outstanding shares, announced plans to offer CAD 2.00 ($1.90) per share for the company. But, on August 14, Jaguar said it would not pursue its offer because the condition of a deposit of two-thirds of outstanding shares could not be met.
