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Aecon provides update on proposed transaction with CCCI
Aecon provides update on proposed transaction with CCCI Canada NewsWire TORONTO,...
About this update from Aecon Group Inc.
[{"type":"text","content":"\n\n\n\nAecon provides update on proposed transaction with CCCI\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 8, 2017\n\n\n\nTORONTO, Dec. 8, 2017 /CNW/ - Aecon Group Inc. (TSX: ARE) today announced the receipt of two regulatory approvals in respect of the acquisition by CCCC International Holding Limited (CCCI) of all of the issued and outstanding common shares of Aecon for $20.37 per share in cash.  The Commissioner of Competition has issued a \"no action\" letter in respect of the acquisition, the receipt of which satisfies the Competition Act approval requirement of the Arrangement Agreement.  In addition, Aecon has been advised by CCCI that CCCI has received approval from the National Development and Reform Commission to proceed with the acquisition, which was also a condition of closing.\n\nAecon also announced that Institutional Shareholder Services (ISS) and Glass Lewis, two leading independent proxy advisory firms, have both recommended that shareholders of Aecon vote FOR the special resolution approving CCCI's acquisition of Aecon at the upcoming meeting of shareholders to approve the transaction. In their analyses, both ISS and Glass Lewis highlighted the significant premium for shareholders, the certainty of value and immediate liquidity provided by the all-cash consideration, and the robust sales process conducted by Aecon as factors supporting a FOR recommendation.\n\nAecon's Board of Directors has unanimously determined that the acquisition is in the best interests of the Company, that the terms and conditions of the acquisition are procedurally and substantively fair and reasonable to the shareholders, and that the consideration being offered to shareholders is fair, from a financial point of view.  The Board has unanimously approved the Arrangement Agreement and recommends that shareholders vote FOR the special resolution approving the transaction.\n\nAecon's Board of Directors recommends shareholders vote FOR the special resolution approving the transaction in advance of the voting deadline of ...