Ann: TSN Undertakes Private Placement, page-56

Just received the go ahead from our hard working boss, so here it is, my email to J is at the end of this post...things are still bubbling along and we have to admire the discipline of JL, probably gives us some insight into the TSI buy back not occurring last year.


Hi J

Firstly, thanks for your patience.

In regards to the potential acquisitions, we have been in advanced negotiations with 2 companies over the last 2 months.

To put it simply, sellers are always looking for a higher offer, as you would understand.  However, we will not do a deal at any cost, i.e. the deals must meet internal investment criteria, which include valuation metrics.  If the price is not right, we need to be disciplined to walk away.

Back to the acquisition, we have made our final/last offer to them.  We expect them to revert by end of next week – one way or another.

Hopefully, they agree; otherwise, we move on.

In the meantime, I have initiated discussions with 3 other companies while waiting for final response from the 2 companies.


Hope that provides clarity.


Regards

Jeff


From:  
Sent: Wednesday, 4 April 2018 10:14 AM
To: Jeffrey Lai <[email protected]>
Subject: Acquisition

Hi Jeffery,

Long term holder of TSN, was wondering if the business update in January concerning the evaluation of two potential businesses was any closer to fruition. Obviously we are two months closer but was wondering if the finalization was gaining traction, or if the selection criteria has narrowed to one business.

Regards

J