Chesswood Receives ‘Meaningful’ Interest from Potential Counterparties During Strategic Review

Chesswood Group, a specialty finance company with 40 years of experience in the commercial equipment finance market, provided an update on its review of strategic alternatives to maximize shareholder value that it previously announced on Jan. 22.

In connection with the review process, Chesswood, through a special committee of its board of directors comprised of Edward Sonshine (chair), Catherine Barbaro and Rags Davloor has engaged Stikeman Elliott as legal counsel and RBC Capital Markets as its exclusive financial advisor to assist with the evaluation of potential strategic alternatives to determine the best path forward to maximize value for shareholders.

As a result of what the company called a “meaningful level of inbound interest from potential counterparties,” the special committee intends to continue its efforts in exploring all available strategic initiatives. While the intention is to complete the review process in a timely manner, there can be no assurances as to the timing for completion of review or that this process will result in any particular outcome. As such, undue reliance should not be placed on any expectations as to potential transactions or strategic alternatives that may be or may become available to Chesswood, or that there be any impact on shareholder value following completion of such review. Except as may be required by applicable securities laws, Chesswood does not expect to comment further regarding the special committee’s review process until it determines additional disclosure is necessary or advisable.

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