SHERBROOKE, QUE – Investment firm Clarke Inc. has withdrawn its buyout offer for Shermag Inc., a home furniture manufacturer.
Shermag’s independent directors have considered the proposal and received a valuation from an independent valuator. The price proposed by Clarke was below the range established by the valuator and the independent directors did not recommend acceptance of the proposal. The independent directors informed Clarke of the foregoing and Clarke indicated that it will not proceed with an offer or amend its proposal at this time.
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