Business
Bird Construction Inc. to Acquire H.J. O'Connell
Jul. 20, 2011 (Canada NewsWire Group) -- /Not for distribution to United States newswire ser...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\n Jul. 20, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/Not for distribution to United States newswire services or for\n distribution in the United States/ \n\n\nLISTING: TORONTO STOCK EXCHANGE\nSYMBOL: BDT\n\n\nTORONTO, July 20, 2011 /CNW/ - Bird Construction Inc. ("Bird") (TSX:\n BDT) today announced that it has signed an agreement to acquire all of\n the outstanding shares of H.J. O'Connell, Limited ("H.J. O'Connell").\n The purchase price for the acquisition will be approximately $77.5\n million.\n\n\nThe $77.5 million purchase price and related transaction expenses of\n $1.0 million will be funded with approximately $33.5 million of\n existing working capital, $30.0 million through equipment financing and\n $15.0 million by way of vendor take back financing. Bird has sufficient\n surplus working capital to satisfy the purchase price detailed above.\n\n\nThe acquisition is expected to be completed on or about August 31, 2011,\n subject to the satisfaction of all usual and customary conditions to\n closing, including receipt of all necessary regulatory approvals, and\n approval under the Competition Act (Canada).\n\n\nH.J. O'Connell has been a leader in the heavy construction, civil\n construction and contract surface mining sectors since 1931 with\n operations in Newfoundland & Labrador, Northern Quebec and Manitoba.\n There is no geographic market sector overlap between the current\n operations of Bird and H.J. O'Connell. Its diversified busine...