Converge Preps Vote on H.I.G. Capital Acquisition

Converge Technology Solutions Corp. has announced the submission and distribution of its Management Information Circular for an upcoming extraordinary meeting, where shareholders will vote on a proposed acquisition by H.I.G. Capital. The decision follows a comprehensive arrangement agreement to purchase all outstanding shares at a cash price of CAD 5.50 per share, valuing the company at approximately CAD 1.3 billion. Converge's board recommends voting in favor of the plan, citing a significant premium on current share prices and advantages such as immediate liquidity for shareholders. The approval follows strategic evaluations and consultations with financial advisers and legal counsel, emphasizing the gains for shareholders against the backdrop of competitive and strategic alternatives. The acquisition process, considered a result of exhaustive negotiations, includes standard fiduciary outs for Converge's board. Shareholders have until April 8 to express voting intent, with the meeting slated for April 10 and potential transaction completion by mid-April 2025.