Plantro Ltd. completes Tender Offer and initiates C$1.2 billion Information Services Corporation sale

Goodmans LLP advised Plantro Ltd. in connection with its all-cash tender offer to acquire class A limited voting shares in the capital of Information Services Corporation (“ISC”) at a price of $30 per Class A Share, and its subsequent shareholder activism campaign that successfully initiated the sale of ISC.  

The initial tender offer was structured as a non-takeover bid under Canadian securities laws and regulations, allowing Plantro to acquire a total of 580,863 Class A Shares (representing approximately 3.13% of ISC’s issued and outstanding Class A Shares). The tender offer provided shareholders with a unique opportunity to receive cash in a stock that has been highly illiquid for many years.

Following months of pressure from Plantro to change the long-tenured Board and boost shareholder value, ISC agreed to commence a strategic review of its alternatives, including a sale of the entire company. This process was ultimately supported by the Crown Investments Corporation of Saskatchewan. As a result of this strategic review, Plenary Americas LP, the infrastructure arm of CDPQ, will acquire ISC in a take-private all-cash transaction, valuing ISC at C$1.2 billion. Plenary is offering C$51 per share, representing a 55% premium over ISC’s closing price prior to the September 8 strategic review announcement.

Plantro Ltd. is a privately-held company with a history of investing in undervalued legal, financial, and information services businesses.