Transcontinental Makes Bid for PLM

MONTREAL—Transcontinental Inc. is bidding to take control of Toronto-based PLM Group. It has made a takeover bid of C$3.50 per share for PLM’s 29.5 million outstanding shares, with a total enterprise value, including debt, of $130 million.

Barry Pike, founder, chairman and CEO of PLM, and Pike Holdings (a holding company he controls) have signed a hard lock-up agreement to tender their shares, which account for 51.2 percent of the outstanding shares. On the day the deal was announced, the offer represented a 25 percent premium over PLM’s trading price on the Toronto Stock Exchange from the previous day.