The on-again, off-again deal by Werba Reinhard Inc. to buy Loring Ward International Ltd. is on again.

Loring Ward has entered into a new arrangement agreement with Werba Reinhard, under which an affiliate of Werba Reihard will acquire all of Loring Ward’s outstanding shares for US$11.25 per share in cash, the company announced Thursday.

The deal price is currently equivalent to approximately $13.92 (Cdn.), which represents a premium of approximately 74% to yesterday’s closing price of the Loring Ward shares.

Werba Reinhard is company controlled by Loring Ward’s largest shareholder, Eli Reinhard.

Loring Ward said it has received an opinion from its financial advisor, BMO Capital Markets, that the offer is fair from a financial point of view to shareholders.

“The special committee and board have concluded unanimously that shareholders should vote in favour of the plan of arrangement with WRI and have determined that the transaction is fair to Loring Ward shareholders and in the best interests of the company,” the company said in a release.

Last month, Loring Ward terminated of the pending sale of the company to Werba Reinhard in a cash deal that valued the shares of Loring Ward at US$18 a share.

Loring Ward was previously known as Assante USA prior to the sale of Assante Corp. to CI Fund Management in August 2003 for $846 million.

IE