Onex to acquire Gluskin Sheff
Onex Corporation and Gluskin Sheff + Associates announced they have entered into a definitive agreement under which Onex will acquire 100% of Gluskin Sheff for C$14.25 per share. The purchase price represents a 28% premium to Gluskin Sheff's closing share price on March 22 and a 37% premium to the 60-day volume weighted average price. The total cash consideration for 100% of Gluskin Sheff's equity is approximately C$445M. Gluskin Sheff will continue to be led by its existing leadership team and operate under its brand. The transaction is to be effected by way of a court-approved plan of arrangement and is expected to close in the first half of 2019, subject to receipt of Gluskin Sheff shareholder and court approvals, required regulatory approvals and customary closing conditions.