DAILY NEWS Nov 15, 2007 3:56 PM - 0 comments

Optimum Group Inc acquires Optimum General Inc.

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Optimum Group Inc., a privately owned international financial group, and Optimum General Inc., a Canadian property and casualty underwriter, have announced an acquisition by way of an amalgamation.
Optimum General will be a wholly-owned subsidiary of Optimum Group and the related parties of Optimum Group.
"The decision to take Optimum General private is an initiative of Optimum Group that will allow Optimum General to eliminate the direct and indirect costs associated with financial reporting, compliance and other continuous disclosure obligations applicable to public companies,” Jean-Claude Page, president and CEO, Optimum General, said in a release.
“Optimum General will therefore dedicate even more resources to management and business development.”
At a price of $5.15 per share, the total consideration will be approximately $2.25 million, according to the release.
The transaction, expected to occur in 2007 Q4, will also be subject to customary closing conditions, including the absence of material adverse changes in Optimum General’s operations and financial results, the release reports.
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