Cossette this morning released an update in the process on last month’s unsolicited proposal by Cosmos Capital, headed by Cossette former president and vice-chair Francois Duffar, to acquire all of the company’s issued and outstanding subordinate voting shares.

As part of its tasks and mandate, the special committee of the board of directors of Cossette announced this morning that it has selected BMO Capital Markets as financial advisor to Cossette. Ogilvy Renault was retained to act as legal advisor to the committee (comprised of Jean Lavigueur, Robert Beauregard, Raymond Boucher and Paule Gauthier). Meanwhile, Fasken Martineau is acting as legal advisor to the company.

Having a separate, outside legal advisor to represent the committee and look at the proposal is more ethical and provides more distance when analyzing the proposition, says a Cossette spokesperson. ‘The committee will work in total independence,’ says Mathieu Claise, director of Optimum Public Relations. He adds that the evaluation is that of the initial proposal, as announced on July 20, which valued the company’s outstanding shares at $4.95 per share.

The committee and the eight-person board of directors (headed by Cossette CEO Claude Lessard and Robert G. Beauregard of The Beauregard Group) recommends that the shareholders of Cossette defer taking any action in response to Cosmos Capital’s proposal until the committee and the board of directors have had an opportunity to fully review such proposal and evaluate all of the company’s strategic alternatives.