Halifax-based activist investment firm Clarke Inc. (TSX:CKI) plans to acquire all the remaining units of Coquitlam-based Art in Motion Income Fund (TSX:AIM.UN) it doesn't already own.
Clarke will pay $0.65 per unit in cash, which represents a 15% premium to the 20-day volume weighted average price of the fund on the TSX for a total price of $2.7 million.
Clarke owns 46.84% of the fund, and all of the Class B and Class C units of Art in Motion LP, which represents about 60.13% of the voting rights of the fund.
The offer is subject to customary closing conditions and regulatory and unitholder approval. A majority of the units not held by Clarke need to be tendered to the deal to close.
Art in Motion's unit price range during the past week: between $0.54 and $0.65; 52-week high: $2.42; 52-week low: $0.48.