Globel Direct, Inc., a direct marketing firm based in Calgary, has signed a letter of intent under to acquire Regina-based database marketing company Arcas Group Inc.
Globel will purchase all of the outstanding common shares of Arcas by issuing up to 1.2 billion new common shares of Globel with a deemed value of $1.75 per share. Globel would also retire existing shareholder loans of Arcas over time, based on future performance of the Arcas unit.. The acquisition is set to close within 90 days.
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