Indigo Books & Music has scheduled a special meeting of shareholders on Monday, May 27, to discuss and vote on the proposal by majority owner Trilogy Investments, Trilogy Retail Holdings, and related shareholders (controlled by founder and CEO Heather Reisman and her husband, Gerald Schwartz) to buy the 39.4% of the company that they don't already own and take the company private. For approval of the deal, at least two-thirds of all Indigo shareholders and 50% of shareholders excluding Trilogy and related shareholders need to vote in favor. A special committee of the Indigo board of directors composed of independent directors has unanimously approved the deal.
In February, Trilogy offered C$2.25 (about US$1.65) a share for the part of the company it doesn't own. Later, it boosted the offer to C$2.50 (US$1.83), which it emphasized was 69% higher than the company's share price of C$1.48 (US$1.08) the day before the purchase announcement.