Indigo Books & Music Inc. says it has received a proposal to take the retailer private from a pair of companies owned by controlling shareholder Gerald Schwartz.
The non-binding proposal from Trilogy Retail Holdings Inc. and Trilogy Investments L.P. would see them purchase all issued and outstanding shares of Indigo it does not already own for $2.25 in cash per common share.
The two Trilogy firms are personal holding companies of Schwartz, the Onex Corp. founder and chairman who sits on Indigo’s board of directors and is the spouse of Indigo chief executive Heather Reisman.
Schwartz, through the Trilogy firms, is the controlling shareholder of Indigo.
Indigo announced layoffs earlier this year as part of the retailer’s ongoing efforts to streamline its operations.
The company has seen several quarters of financial losses as well as a number of changes to its executive and board of directors over the last year.