Linamar Corp.’s offer to acquire all of the outstanding shares of Guelph, Ontario-based Skyjack that it doesn’t already own for $2.13 per share is set to expire today. Linamar currently owns about 4 million shares of Skyjack, representing about 48.5 percent of the outstanding common shares.
If Linamar’s offer is unsuccessful, it could jeopardize Skyjack’s ability to obtain $10 million of equity financing. During fiscal 2002, the company arranged a $10 million bridge loan facility with security provided by Linamar. The proceeds of the loan were used to make payments to the company’s suppliers and trade creditors under negotiated revised payment terms and for general working capital purposes.