The Toronto IT and cloud solutions company has formed a special committee of independent directors, in consultation with its financial and legal advisors, to review how to “unlock shareholder value.” (The Logic)
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The Toronto IT and cloud solutions company has formed a special committee of independent directors, in consultation with its financial and legal advisors, to review how to “unlock shareholder value.” (The Logic)
Talking point: The company’s stock price has fallen from $10.87 at the end of last year to $3.99 by the end of Tuesday, losing more than 63 per cent of its value in less than a year. The announcement pushed the stock price up to almost $5 Wednesday. It comes after CTS spent over $360 million acquiring a dozen firms since January, including Technology Integration Group in May for US$74 million and Stone Group earlier this month for £39.2 million. The review will “evaluate a full range of strategic alternatives, including a sale, merger, divestiture, recapitalization, other strategic transaction, or continuing to operate as a public company,” said a press release.
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