Daylight will acquire all of the outstanding common shares of Cadence, under which Cadence Shareholders will receive 0.47 of a Daylight trust unit for each common share of Cadence or, subject to certain conditions, Cadence shareholders may elect to receive C$5.32 in cash for each common share of Cadence.
Total consideration for the transaction, based on the 20-day weighted average trading price of Daylight trust units, is approximately C$301 million, including the assumption of an aggregate of C$70 million, face value, of convertible debentures and positive net working capital of approximately C$64 million.
