On April 16, 2021, Colliers International Group Inc. (TSX:CIGI; NASDAQ:CIGI) (“Colliers”) announced the completion of a transaction (the “Transaction”) to replace the restated management services agreement, including the long-term incentive arrangement, between Colliers, Jay S. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. The Transaction also established a timeline for the orderly elimination of Colliers’ dual class voting structure. The terms of the Transaction are the result of arm’s length negotiations between Colliers (acting through a special committee of independent members of Colliers’ board of directors (the “Special Committee”)), Mr. Hennick and their respective advisers.
In connection with the Transaction, Colliers and Mr. Hennick have entered into a new five-year management services agreement, with mutual one-year renewal options thereafter pursuant to which Mr. Hennick will continue to provide services to Colliers as, at his option, the Chief Executive Officer and/or Executive Chairman. Mr. Hennick continues as the Chairman and Chief Executive Officer of the Company and has control and direction over shares which represent, in the aggregate, 14.4% of Colliers’ total outstanding shares and which carry 45.6% of the total votes associated with Colliers’ shares.
Colliers is a leading diversified professional services and investment management company with operations in 67 countries and $40 billion of assets under management.
Miller Thomson advised the Special Committee on the Transaction with a team comprised of Adam Kline and Sarah DeGenova (Capital Markets & Securities).
