Supremex Inc said it already terminated talks with Clarke Inc about a possible deal to take the company private. Under the terms of a non-binding proposal agreed upon in March this year, Clarke would buy the outstanding shares in Supremex that it does not yet own. Clarke is a principal shareholder of Supremex.
After a review of the terms and extensive discussions held with Clarke's representatives, Supremex Special Committee said it would not be able to reach an agreement on the price for the shares. The proposal had stipulated that the shares would be sold to Clarke at a price of CAD 1.20 per share, valuing the deal at CAD 19 million. Both parties then decided to terminate talks on the non-binding proposal. The Board of Directors at Supremex also dissolved the Special Committee after the talks ended.
Supremex Inc manufactures and markets stock and custom envelopes. It is based in Montreal, Canada. Clarke Inc, meanwhile, is an investment firm based in Halifax, Nova Scotia.
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