Ottawa-based International Datacasting announced this week it is in talks aimed at a possible acquisition of the company’s business.
The other party in the talks and all terms of the deal are protected by a non-disclosure agreement, the company said in a release.
IDC CEO Doug Lowther said the company issued the release as the conversation progressed.
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“We felt that it was timely to make sure that everyone was on the same level playing field of information,” he said.
The IDC board has created a strategy committee to consider the merits of an acquisition – either from this initial party or someone else – or continuing to build its business on its own.
The company said talks are in the early stages, with no guarantee a deal will actually get done. Mr. Lowther said it’s not a process the company wants to drag out.
“I would say it’s weeks or months,” he said, adding IDC was working on making the right decision for the company’s shareholders, employees, and customers.
IDC has cut international staff and seen executives come and go as revenues have declined in recent quarters.
Shares in the company (TSX:IDC) were trading down almost 29 per cent at five cents per share on the Toronto Stock Exchange late Wednesday afternoon.
