Converge Technology Solutions Corp. has announced an amendment to its arrangement agreement with H.I.G. Capital, increasing the cash offer for its common shares from C$5.50 to C$6.00. This amendment follows an unsolicited proposal from a third party offering C$6.00 per share, which the Converge board deemed a potential superior proposal.

On March 25, 2025, H.I.G. filed a claim in the Ontario Superior Court, alleging that Converge breached the arrangement agreement by engaging with the third party. The court temporarily restricted Converge from disclosing H.I.G.'s claims. Converge has denied these allegations and is defending its position vigorously.

On March 31, 2025, the third party submitted a binding acquisition proposal at C$6.00 per share. In response, H.I.G. agreed to amend its offer to match this price. Shortly after, the third party increased its offer to C$6.10 per share. After careful consideration, Converge's board, with input from a special committee and advisors, decided to proceed with the amendment to H.I.G.'s offer, citing the certainty of a completed transaction and benefits to stakeholders.

The board has recommended that shareholders vote in favor of the arrangement resolution at a special meeting scheduled for April 10, 2025. This meeting will be held virtually, and only shareholders recorded by March 10, 2025, will be eligible to participate and vote. The arrangement is expected to close around April 17, 2025.

Converge Technology Solutions aims to transform how businesses approach IT, focusing on innovative solutions since its inception in 2017.