Look Communications Inc. (LOK_H.V and LOK_K.V) responded to the announcement on January 8, 2013 by NWT Uranium Corp. (NWT.V: Quote) that the board of directors of its wholly owned subsidiary, Niketo Ltd., has resolved to make an all cash offer or the “NWT Offer” to acquire 33.26 million multiple voting shares , or such number that will result in Niketo acquiring a voting interest of 49.9%, of Look at a price of $0.125 per share.Look Communications said that the offer has not yet been received by Look and Look’s shareholders are advised to take no action at this time. Look’s board of directors will evaluate any formal offer and will recommend a course of action that is in the best interests of Look and its stakeholders.
As a result of the NWT Offer, as well as certain other unsolicited non-binding acquisition proposals that Look has received following the announcement by Look on December 18, 2012 that it entered into a support agreement with Robert Ulicki and Jeffrey Gavarkovs or collectively, the “Bidders” whereby the Bidders have agreed to make an all cash offer (the or Ulicki Offer to acquire multiple voting shares of Look at a price of $0.11 per share, Look has agreed with the Bidders to extend the deadline for commencing the Ulicki Offer to a date following January 21, 2013 to be determined by the Bidders and/or Look. The Support Agreement otherwise remains in full force and effect, unamended.
Look said that its board is not making any recommendation to shareholders with respect to the Ulicki Offer, the NWT Offer or any other acquisition proposal at this time.
However, as previously announced, Look ‘s e board of directors has determined that the Support Agreement is in the best interests of Look and that the board will not make a negative recommendation to shareholders in relation to the Ulicki Offer.
Look noted that its board of directors will continue to evaluate the Ulicki Offer, the NWT Offer and any other acquisition proposal that Look receives in light of all available alternatives.
To receive FREE breaking news email alerts for Look Communications Inc. mv and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News