Deals
Callidus Shareholder to Take Company Private as Debt Mounts
- Braslyn’s buy-out offer is 63% below one made in December
- Callidus warns it will be unable to repay loans without a deal
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Callidus Capital Corp. is being taken private by its second-largest investor, bringing an end to a slump that saw most of the shareholder value erased from the debt fund founded by Canada’s Newton Glassman.
Braslyn Ltd., which owns about 15% of Toronto-based Callidus, reached a deal to buy the minority shares not owned by Glassman’s Catalyst Capital Group Inc., the majority shareholder. Braslyn is offering C$0.75 apiece, 63% below an offer it made in December, and 95% below the company’s initial offer price of C$14 ($10) in 2014.