Maple Rock Responds to ESW’s Announcement of Intention to Make an Offer for Optiva
TORONTO, July 28, 2020 (GLOBE NEWSWIRE) — Maple Rock Capital Partners Inc. (“Maple Rock“), which owns 22.35% of the subordinate voting shares of Optiva Inc. (TSX:OPT) (“Optiva“), issued the following statement today in response to ESW Capital, LLC’s (“ESW“) news release disclosing an intention to offer to acquire subordinate voting shares of Optiva:
“We have reviewed the purported offer by ESW to acquire shares of Optiva. Maple Rock has no interest or intention of selling our shares to ESW for C$60 per share at this time. In its news release, ESW has indicated that it intends to seek exemptive relief from the Ontario Securities Commission to circumvent the ‘majority of the minority’ requirement under applicable securities laws. This type of relief is unprecedented and runs counter to the basic principles of predictability and even-handedness underlying the takeover bid regime in Canada.Maple Rock is a long-term investor in Optiva. As a result of the recent reconstitution of the Board of Optiva and redemption of the outstanding preferred shares held by ESW, we are excited about Optiva’s future value creation potential.”For further information, please contact Stephen Lane, Chief Financial Officer, Maple Rock at (416) 572-3899.