Indigo receives proposal from major shareholder to go private

The board of directors of Indigo Books & Music has received a non-binding proposal from a consortium controlled by Gerald Schwartz, a member of the board and husband of Indigo founder and CEO Heather Reisman.

Trilogy Retail Holdings and Trilogy Investments have made the offer to acquire all of Indigo’s common shares not owned by Trilogy and related investors. The offer is for $2.25 in cash per share. The Trilogy consortium owns about 60 percent of Indigo’s common shares. The board has established a special committee of independent directors to evaluate the proposal and any other viable alternatives.