Indigo bookstore chain completes Trilogy deal to take retailer private

TORONTO — Indigo Books & Music Inc. says Trilogy Investments LP has acquired all of the retailer’s outstanding shares.

The Toronto-based book purveyor says the share purchase marks the completion of its deal with the private holding company owned by Gerald Schwartz, the businessman spouse of Indigo founder Heather Reisman.

As a result of the deal, Indigo’s shares will be delisted from the Toronto Stock Exchange and the retailer will be relieved of its public reporting requirements.

The completion of the deal comes days after shareholders voted to approve the $2.50 per share transaction.

Trilogy originally offered $2.25 per share but raised its bid in April.

Indigo has been working to turnaround its business since last year, when it experienced a succession of leadership and board changes and was hit with a cyberattack that downed its website for a lengthy period.

This report by The Canadian Press was first published May 31, 2024.

Companies in this story: (TSX:IDG)

The Canadian Press