Cosmos Capital Inc. has threatened to abandon its bid to purchase Cossette Inc. unless it's given access to the communication company's books. The group lead by former Cossette partners decried the senior management team's "lackadaisical response" to its July 20 offer which values the firm at $82.7-million. It set an Aug. 17 ultimatum to gain initial access to the company's data room to conduct due diligence. "In the event that we are not, we will reassess our price and interest in the transaction," it wrote in a letter to a special Cossette board committee created to review the offer. Notwithstanding Cossette's poor operating and financial performance of late, Cosmos said it is willing to reaffirm its price if it is granted such access. Cosmos, headed by former Cossette president François Duffar and former Cossette vice-president Georges Morin, has offered $4.95 cash per share, a 52-per-cent premium to the July 17 closing price for Cossette shares. The shares have since risen to $5.15 on the Toronto Stock Exchange.
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