Financially strapped Inscape furniture sells majority of shares for just $88,000

HOLLAND LANDING, Ontario – Canadian office furniture manufacturer Inscape has succeeded in its bid to be taken over by HUK 121, a subsidiary of British private investment firm Hilco Capital. Inscape is now a subsidiary of HUK.

On Dec. 23, 12.6 million common shares – roughly 88% of the company’s outstanding common shares – were deposited to HUK. The aggregate consideration payable for those shares was just $88,631. Remaining shareholders have until Jan. 3 to tender their stock for 7 cents per share.