Ventra Group Inc. announces negotiations for an all cash premium offer for all Ventra shares
08:40 GMT-04:00 Saturday, June 16, 2001
OAKVILLE, ON, June 16 /CNW/ - Ventra Group Inc. (TSE: VTA) Ventra Group Inc. ("Ventra") announced today that
it is in negotiations regarding a support agreement with a prospective offeror that has indicated in writing that it is
prepared to make an all cash bid for all of the outstanding common shares of Ventra. The proposed offer would be
at a premium to the current market price of such shares and at a premium to the notional per share value offered
under the unsolicited, non-cash offer made on May 14, 2001 (the "Proprietary Offer") by Proprietary Industries Inc.
Although Ventra is optimistic, no assurances can be given at this time that negotiations can be successfully
concluded with this party.
Pending a further public announcement by Ventra, shareholders are urged not to tender their Ventra shares to the
Proprietary Offer. The serious concerns raised by Ventra regarding the materially misleading disclosure in
Proprietary's take-over bid circular and alleged misrepresentations in certain historical financial information
previously filed by Proprietary, remain pending before the securities regulators. Furthermore, the Proprietary Offer
is subject, among other things, to the condition that the Shareholder Rights Protection Plan of Ventra shall have
been waived with respect to the Proprietary Offer. Ventra has no present intention to waive the application of its
rights plan to the Proprietary Offer. |
