180 Degree Capital, Mount Logan revise merger deal

[M&A Mergers And Acquisitions]
narvo vexar

180 Degree Capital (NASDAQ:TURN [https://seekingalpha.com/symbol/TURN]) and Mount Logan Capital (OTCPK:PYCFF [https://seekingalpha.com/symbol/PYCFF]) have amended the terms of their planned merger in response to feedback from shareholders.

The revised deal will now give 180 Degree Capital shareholders a 10% premium to their company’s net asset value (NAV) at closing, up from the original 100% of NAV.

This means 180 Degree Capital shareholders will receive a greater number of shares in the newly merged company, to be called "New Mount Logan".

To provide liquidity for shareholders, the management and affiliates of the newly merged company, New Mount Logan, have committed to a $25 million liquidity program. The first $15 million is expected to be launched within 60 days of the deal's closing, with the remaining $10 million to be provided over a 24-month period.

Management, board members, and related parties have also committed not to sell their own stock through these programs.

_The management expects New Mount Logan will pay quarterly cash dividends, subject to board approval, as Mount Logan has paid for the previous 24 quarters._

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