TORONTO — Trustees of Livingston International Income Fund (TSX:LIV.UN) re-affirmed their recommendation Friday that unitholders vote in favour takeover by group led by the Canada Pension Plan Investment Board after receiving a second offer by Mullen Group Ltd. (TSX:MTL).
Livingston said it was reviewing the offer by the trucking and logistics firm and discussing terms of a possible deal, but that no assurance could be made that a deal would be reached.
Livingston unitholders are to vote on the offer by the CPPIB-led group at a meeting on Nov. 24. To be successful, the offer requires the support of two-thirds of Livingston unitholders and various regulatory approvals.
Mullen made an all-stock bid for Livingston worth about $300 million when it was announced Thursday, topping a cash offer for the fund by a consortium led by the CPP Investment Board.
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Mullen offered 0.566 of a share for each Livingston trust unit, making the offer worth about $8.63, based on Friday's closing share price of $15.24.
The CPPIB-led group had offered $8 per share in cash in a deal that valued the income trust at about $273 million.
Units in Livingston, a customs broker and logistics firm, closed up seven cents at $8.90 on the Toronto Stock Exchange.