US wholesaler Daisytek International has acquired control of ISA International, with effect from 7 May 2002 when it announced its intention to make a cash offer for all of the ordinary share capital of ISA.
The directors of ISA intend to unanimously recommend Daisytek's proposed offer, and as of 7 May ISA shareholders holding approximately 56.5% of ISA's ordinary share capital have irrevocably committed to accept the offer. In September last year Daisytek invested £8 million in preference shares of ISA convertible into 50% plus one share at its option at any time over a period of five years.
The commitment from ISA shareholders, coupled with Daisytek’s ability to vote its preference shares on an as-converted basis from 7 May, which entitles it to majority voting control, means that Daisytek has acquired control of ISA with effect from 7 May. It is also entitled to appoint a number of directors to the ISA board, equivalent to 50%.
This is according to a SEC filing made by Daisytek yesterday.
23-May-2002
