Under the Improved Offer, Waterous is offering to purchase up to 57 million outstanding common shares of Osum (“Osum Shares”) at an offer price of $3.00 per share, which represents an increase to its initial offer to purchase up to 52.5 million Osum Shares and a 25% increase to the initial offer price of $2.40 per share.
The reasons for the withdrawal are set out in the notice of change to directors’ circular (the “Notice of Change”) that will be mailed to shareholders shortly and has been posted to the Company website at osumcorp.com/WaterousOffer.
All of the independent board members and members of the Osum executive team have entered into support agreements committing to tender their shares to the Improved Offer. However, Osum shareholders are encouraged to carefully consider the information contained in the Notice of Change and the WEF Notice of Variation and Change and make their own decisions regarding whether or not to accept the Improved Offer.
Improved Offer Details
- The expiry time for the Improved Offer has been extended and will now expire at 11:59 p.m. (Vancouver time) on March 1, 2021, unless withdrawn or further extended.
- Shareholders can tender their shares to the Improved Offer by contacting their broker or Waterous’ Depositary and Information Agent, Kingsdale Advisors by telephone toll-free in North America at 1-866-581-0506 and outside of North America at 1-416-867-2272 or by email at firstname.lastname@example.org.
- Osum shareholders who are in doubt as to how to respond to the Improved Offer, including whether or not to deposit their Osum Shares to or withdraw their Osum Shares from the Improved Offer should contact their broker, lawyer or professional advisor.
- Osum shareholders who have already tendered their shares to the original offer do not need to do anything further to receive the increased consideration being offered for the shares under the Improved Offer.