Converge Technology Solutions: Shareholders Advised to Approve H.I.G. Capital Buyout

Converge Technology Solutions Corp., a leading provider of IT solutions, has announced that independent advisory firms, including Institutional Shareholder Services Inc. (ISS), have urged shareholders to vote in favor of a planned takeover by a subsidiary of H.I.G. Capital. The arrangement, detailed under Section 192 of the Canada Business Corporations Act, proposes that all outstanding shares will be acquired for a cash payment of CAD 5.50 per share. Notably, the offer represents a significant premium over the untouched market price. Converge's Board and its special committee, aside from one involved member, have also given their unanimous recommendation for the approval of this strategic move. While certain major shareholders have agreed to roll equity positions instead of partaking in the cash offer, the transaction is set to be discussed at an upcoming special shareholder meeting, with voting instructions outlined in management's circular dated March 10, 2025. ISS highlighted that the bidding process appeared fair and credible in its assessment. Shareholders have been advised to cast their votes by April 8, 2025, 11:00 AM Toronto time, with the meeting slated for April 10, 2025. Converge Technology Solutions emphasizes its innovative approach towards IT service delivery, now facing crucial strategic shifts with the backing of shareholder democracy.