Inscape Directors Resign After HUK 121 Limited Take-Over Bid
When one bid fails, another takes its place. On October 28th, 2022, Inscape Corporation announced a take-over by the private equity investment group, HUK 121 Limited. The company acquired Inscape from Pender Growth Fund Inc. for $0.1 million. The Inscape board of directors declared unanimous approval after consultation with legal and financial advisors and recommended that the company’s shareholders deposit their shares under the HUK 121 Limited offer.
To approve the HUK 121 Limited take-over, the Inscape board of directors reviewed the company’s financial position and business prospects that are facing difficulty post COVID-19, Inscape’s exploration of other alternatives to the offer, the company’s loan agreement which will require financing, the shareholders representing approximately 80% of outstanding and issued shares and much more.
After the announcement of the HUK 121 Limited take-over of Inscape, several Inscape board members resigned effectively immediately on December 23rd, 2022. The board members include Neil McDonnell, Tracy Tidy, Tania Bortolotto and David LaSalle. Inscape expressed its sincere gratitude and support for its former directors and their contribution to the company.
HUK 121 Limited is a subsidiary of Hilco Capital Limited. “Hilco” is a London, UK-based private limited company acclaimed for its prominent turnaround investing in retail, wholesale and manufacturing businesses. Hilco’s investment portfolio showcases revenues ranging from $50 million to $2 billion. As a private equity company, the business partners with a variety of management teams offering operational and financial support and resources.
Inscape takes the “way we work” very seriously. For over 130 years, the company has been dedicated to designing and developing technological innovations to improve how we work. Engineering all of their solutions to ensure simplicity and seamlessness is at the core of Inscape. Whether it be systems furniture, storage or wall units, they’re committed to making products that are built to last and made for the future.
The HUK 121 Limited take-over has the opportunity to support Inscape in truly invaluable ways. As Inscape is a leader in innovation and looking to the future, change could be exactly what they were looking for.