Livingston files offer for PBB Global Logistics
TORONTO, Ont. – Livingston International Income Fund, one of Canada’s largest providers of Customs brokerage and trade-related services, has officially filed with securities regulators its offer to acquire all of the outstanding trust units of PBB Global Logistics Income Fund.
The offer and related documents were mailed to PBB unitholders and are available on Livingston’s web site at www.livingstonintl.com and at www.sedar.com.
As initially announced on Oct. 19, Livingston is offering PBB unitholders 0.92 of a unit of Livingston in exchange for each PBB unit (subject to adjustment as provided under the offer). This represents a premium of approximately 30 per cent, based on the volume weighted average trading prices of the Livingston units and the PBB units on the Toronto Stock Exchange for the 20 trading days ended Oct. 18, 2005, the last trading day prior to the date of the announcement of the offer.
“The operations of Livingston and PBB are complementary and combining them is in the best interests of the unitholders of both funds,” said Peter Luit, chief executive officer of Livingston. “For PBB unitholders, the combination means not only a substantial premium now but participation in the future performance of a larger and stronger enterprise with greater likelihood of significant and sustainable distributions.”
Livingston International Income Fund owns Livingston International Inc.
Based in Toronto, Ontario, Livingston and its subsidiaries have more than 70 offices and over 1,700 employees other strategic locations across Canada and the U.S.
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