Cossette urges shareholders to wait after Cosmos makes improved bid

LONDON - Cossette, the Canadian marketing group that owns Miles Calcraft Briginshaw Duffy and Elvis, has urged its shareholders to hold off tendering their stock until the board has reviewed an increased offer made by a North American private equity group earlier this week.

Cossette...board reviewing new offer
Cossette...board reviewing new offer

Cosmos Capital, a company made up of US and Canadian investors, has made an all-cash, fully financed bid of $5.25 per share for Cossette, valuing the company at around $82.8 million.

The offer is a notable increase on the $4.95 per share bid that Cosmos proposed in July, one that Cossette dismissed as inadequate.

In reaction to the new bid, a statement made by Cossette said: "Cossette recommends that its shareholders defer making any decision until its board of directors has had an opportunity to fully review Cosmos' expected offer, compare it to the results of its strategic review process and make a formal recommendation as to the merits of that expected offer."