What's Going On With Avcorp Industries Shares Today

Avcorp Industries Inc. AVP AVPFF has entered into a definitive arrangement agreement to be acquired by Latécoère S.A. for C$0.11/share in cash.
The deal price represents a 16% premium to the closing price of C$0.095 on May 4, 2022, and a 28% premium to the weighted average trading price for the 60 trading days.
The transaction will be implemented by way of a court-approved plan of arrangement.
Latécoère will pay ~C$41 million for the Avcorp shares. Including net debt and other lease liabilities, the total transaction value amounts to ~C$139 million.
Avcorp board has approved the arrangement agreement and recommends shareholders vote their shares in favor of the deal.
Avcorp directors, executive officers, and certain other shareholders, who hold an aggregate 71.9% stake, have entered into voting and support agreements with Latécoère.
Avcorp has also agreed to pay a termination fee of C$4 million in case of occurrence of such events.
Price Action: AVP shares are trading higher by 10.53% at C$0.11 on TSX, and AVPFF is higher by 17.88% at $0.09 on the last check Thursday.