Plantro Ltd. Increases Tender Offer for ISC Shares
Deal News | May 20, 2025 | Globenewswire
Plantro Ltd. has announced an amendment to its ongoing all-cash tender offer to acquire class A limited voting shares in the capital of Information Services Corporation. Effective immediately, the purchase price per share has increased to $30 in cash, surpassing the previous 12-month price target of $28. Additionally, the tender offer deadline has been extended to June 3, 2025, and will cover up to 9.9% of ISC's issued and outstanding Class A shares. This strategic move follows Plantro's recognition of the limited liquidity of ISC's shares and comes amidst shareholder frustrations with ISC’s board. Plantro’s pricing suggests valuations at approximately 20.3x Price to LTM EPS, 19.0x Enterprise Value to LTM Levered Free Cash Flow, and 9.6x Enterprise Value to LTM EBITDA. With a strong track record in investments, Plantro sees this as a compelling time for shareholders to capitalize on this all-cash opportunity.
Sectors
- Financial Services
- Legal & Advisory
- Publicly Listed Companies
Geography
- Canada – Information Services Corporation is based in Canada and trades on the TSX, a Canadian stock exchange, which is central to the transaction.
- Jersey – Plantro Ltd. is headquartered in St. Helier, Jersey, which is part of the company profile relevant to the transaction.
Industry
- Financial Services – The article involves transaction and investment mechanisms within the financial sector, particularly related to investment in a publicly traded company, Information Services Corporation.
- Legal & Advisory – Legal processes and documentation are crucial given the involvement of tender offers and regulatory compliance as described in the article.
- Publicly Listed Companies – Information Services Corporation is a publicly listed entity, and the article discusses its shares being targeted in a tender offer.
Financials
- $30 per Class A Share – The price per Class A Share offered by Plantro Ltd. in the tender, which exceeds market projections.
- 1,398,887 Class A Shares – The maximum number of ISC's Class A Shares that Plantro is aiming to acquire in the tender offer.
- 20.3x Price to LTM EPS, 19.0x Enterprise Value to LTM Levered Free Cash Flow, 9.6x Enterprise Value to LTM EBITDA – Valuation multiples used by Plantro to justify the offer price for ISC.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Plantro Ltd. | Bidding Company | Company | A privately held company with a history of successful investments in undervalued legal, financial, and information services businesses. |
| Information Services Corporation | Target Company | Company | Information Services Corporation is the company whose Class A limited voting shares are the target of the tender offer. |
| Odyssey Trust Company | Depositary | Company | Odyssey Trust Company assists in the processing of tenders for those depositing Class A Shares. |
| Carson Proxy | Information Agent | Company | Carson Proxy provides information and assistance to shareholders regarding the tender offer. |
| Gagnier Communications | Public Relations | Company | Gagnier Communications handles media contact for Plantro Ltd. |