The Globe and Mail reports in its Friday, Feb. 2, edition that Indigo Books & Music is mulling a proposal from its largest shareholder to take the company private. The Globe's Andrea Woo writes that the offer comes from Onex founder and chairman Gerry Schwartz, Indigo's controlling shareholder and member of the company's board. Mr. Schwartz's personal holding companies, Trilogy Retail Holdings and Trilogy Investments, announced on Thursday that they had made a non-binding privatization proposal to acquire all of Indigo's common shares they do not already own for $2.25 in cash per share. Indigo founder Heather Reisman returned just months ago as chief executive officer, promising "a major transformation process" at Canada's largest bookstore chain, which has lost money in four of its past five fiscal years. Last October, Ms. Reisman committed to shifting Indigo's strategy, saying she believes books should account for 65 per cent to 70 per cent of Indigo's sales in the future. Ms. Reisman also said that she and Mr. Schwartz were committed to Indigo remaining Canadian owned, and had no plans to sell. She added, "Not only do we have no intention of selling it, we intend to invest in the business."