TORONTO, July 30, 2015 /PRNewswire/ - Retained executive search firm The Caldwell Partners International Inc. (CWL.TO) ("Caldwell Partners") today announced that its Chairman, G. Edmund King, and the Chairman of DHR International ("DHR"), David Hoffmann, had concluded, on an amicable conference call, that Caldwell Partners and DHR would cease further communications regarding an acquisition transaction by DHR for Caldwell Partners at the present time.
As part of the conversation, Mr. Hoffmann and Mr. King agreed that DHR would dispose of its approximately 5.6% of the shares of Caldwell Partners and, in order to avoid any overhang of these shares in the market, Caldwell Partners agreed to purchase such shares at a price of C$1.40 per share.
Messrs. King and Hoffmann also agreed to a two-year mutual non-solicitation understanding, pursuant to which neither would solicit partners or search consultants of the other, but may hire partners and search consultants who leave employment or who initiate discussions with the other party (with prior discussions being grandfathered), and a two-year standstill pursuant to which DHR and its affiliates would not acquire shares of Caldwell Partners. The agreements are subject to the negotiation and execution of mutually acceptable definitive documentation.
About Caldwell Partners
Caldwell Partners is a leading international provider of executive search and has been for more than 40 years. As one of the world's most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts. With offices and partners across North America, Latin America and in London, the firm takes pride in delivering an unmatched level of service and expertise to its clients. Caldwell Partners' Common shares are listed on The Toronto Stock Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company's ability to retain key personnel. The Caldwell Partners assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE The Caldwell Partners International Inc.