Welcome to JSA Consultancy Services

A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Takeover bid for Teknion

Tuesday 25 December 2007

Office Furniture firm Teknion Corp.\'s controlling shareholder makes takeover bid. Toronto Office furniture company Teknion Corp. (TSX:TKN) is welcoming a going-private offer from an affiliate of controlling shareholder A-Tean Holdings Ltd. that values the company at $CAN76 million.

The offer for the remaining 38 per cent of Teknion is $3.15 a share, 120 per cent higher than the 30-day average trading price, Toronto-based Teknion said Monday.

In early trading, Teknion shares were up $1.33, or 76 per cent, at $3.08. On Friday, the firm\'s shares had jumped 30 cents to $1.75 on the Toronto stock market.

A-Tean and its affiliates own about 62 per cent of Teknion. Teknion said certain institutions holding virtually all of the remaining shares have agreed to support the transaction.

A special committee of independent directors of Teknion has received a valuation report and an opinion from TD Securities Inc. that the offer is fair from a financial point of view.

Shareholders will be asked to vote on the offer at a special meeting to be held in the first quarter of 2008, with two-thirds approval required.

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