On January 2, 2002, Acktion Corporation announced that it had successfully completed its insider bid for Goldlist Properties Inc. Goldlist is a TSE-listed company with a market capitalization of $140 million. The bid was mailed to holders of Goldlist common shares on November 26, 2001 and was for a price per common share of $14.50 consisting of $7.25 in cash and $7.25 represented by a four-year, 6 per cent senior note of Acktion. Acktion took up and paid for the shares deposited to the bid on January 14, 2002, and now holds approximately 96.6 per cent of the outstanding Goldlist common shares. Acktion is proceeding with compulsory acquisition procedures under the OBCA to acquire the remaining minority shares not tendered to the bid.
The shares deposited under the bid included all the shares of Goldlist held by Goldlist Investments Inc. (GII). GII held approximately 25 per cent of the outstanding Goldlist shares which were tendered to the bid pursuant to the terms of a lock-up agreement entered into between Acktion and GII on November 12, 2001.
Acktion was represented by Stikeman Elliott’s William Braithwaite, Maurice Swan and Stacey Hoisak. GII was represented by Davies Ward Phillips & Vineberg LLP with a team comprised of Gerold Goldlist, Patricia Olasker and Ian Crosbie (tax) and Jim Nikopoulos. Torys LLP acted for the independent committee of Goldlist’s board of directors, with a team that included Patricia Koval, Ernie Wheeler and Shawn Beber.