Royal Bank of Canada - Press release
Royal Bank to acquire CSI Credit Systems
Royal Bank of Canada RY Shares issued 313,597,457 1999-06-03 close $67.55 Friday Jun 4 1999 Ms. Jane Sedgewick reports Subject to certain terms and conditions, Royal Bank, through an indirect wholly owned subsidiary, will make an offer to acquire all the outstanding common shares of CSI Credit Systems International Inc. (CSI), for $1.30 cash per share. Under the terms of an acquisition agreement dated June 3, 1999, between the offeror and CSI, the board of directors of CSI has agreed to recommend the offer to its shareholders and to co-operate with Royal Bank to complete the transaction. The net value of the transaction is estimated at $15-million. CSI is a Burnaby-based electronic marketing company that specializes in loyalty marketing solutions for retailers. With CSI's ERNEX point-of-sale software, merchants can, in addition to processing debit and credit card transactions, offer customers instant reward points, electronic coupons, electronic gift certificates, instant redemption and personalized receipt messages. CSI's loyalty programs can also be easily integrated into a retailer's Web site to ensure that on-line customers benefit from the same valuable savings and rewards. "Royal Bank's commitment to our organization is a huge vote of confidence for our real-time electronic loyalty marketing solutions," says James Christensen, president and chief executive officer, CSI. "With Royal Bank's backing, our dynamic e-marketing solutions will continue to set the global standard for electronic loyalty programs." "Retailers are demanding more functionality from the existing payment infrastructure. They want to build stronger relationships by providing customers with instant gratification from their loyalty programs," says Mark Tonnesen, executive vice-president, card products and point of sale for Royal Bank. "CSI's expertise and innovation will be utilized by Royal Bank to deliver multipurpose point-of-sale equipment that will enable real-time electronic marketing solutions for merchants. Merchants, in turn, will be able to offer their customers more personalized rewards." ERNEX is operating throughout North America in restaurants, retail outlets including Original Levi's Stores and NIKE, Superstar Group Limited, and resorts including Blackcomb in Whistler, B.C., and Stratton in Vermont. Upon successful completion of the offer, CSI will operate as an indirect wholly owned subsidiary of Royal Bank and remain under its current management. CSI will continue to offer ERNEX loyalty marketing solutions, loyalty program consultation and development for retailers. An offering circular containing details of the offer is expected to be mailed to registered holders of common shares on or about June 15, 1999. The offer is being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of Royal Bank, and is expected to expire at the close of business on July 6, 1999, unless extended. The transaction is conditional upon, among other things, regulatory approval and there having been validly deposited under the offer and not withdrawn at least 75 per cent of the outstanding CSI shares (calculated on a fully diluted basis). It is anticipated that the transaction will close on or about July 19, 1999, unless extended. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Royal Bank of Canada -
Royal Bank offers to acquire CSI
Royal Bank of Canada RY Shares issued 313,597,457 1999-06-03 close $67.55 Friday Jun 4 1999 See CSI Credit Systems International Inc (CSU) News Release Mr. J. Caren Holtby reports CSI Credit Systems International Inc., has declared that, subject to certain terms and conditions, Royal Bank of Canada, through an indirect wholly owned subsidiary, will make an offer to acquire all the outstanding common shares of CSI for $1.30 cash per share. Under the terms of an acquisition agreement, dated as of June 3, 1999, between the offeror and CSI, the board of directors of GSI has agreed to recommend the offer to its shareholders and to cooperate with Royal Bank to complete the transaction. An offering circular containing details of Royal Bank's offer is expected to be mailed to registered holders of common shares on or about June 15, 1999. A directors' circular supporting the transaction will be mailed to the shareholders at the same time. The offer is being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of Royal Bank, and is expected to expire at the close of business on July 6, 1999, unless extended. The transaction is conditional upon, among other things, approval and there having been deposited under the offer and not withdrawn at least 75 per cent of the CSI shares outstanding (calculated on a fully-diluted basis at the expiry of the offer). It is anticipated that the transaction will close by July 19, 1999. If the offer is successful, CSI will operate as an indirect wholly owned subsidiary of Royal Bank and remain under its current management. CSI will continue to offer ERNEX loyalty marketing solutions, loyalty program consultation and development for retailers. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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