Business
Chemtrade enters into agreement to acquire Canexus for $1.65 cash per share in a board-supported plan of arrangement
Chemtrade enters into agreement to acquire Canexus for $1.65 cash per share in a board-sup...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade enters into agreement to acquire Canexus for $1.65 cash per share in a board-supported plan of arrangement\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. 15, 2016\n\n\n\n\nChemtrade and Canexus reach agreement on an arrangement transaction with unanimous board support. \nCanexus shareholders to receive increased consideration of $1.65 in cash per Common Share, representing a 33% premium over the closing price of $1.24 on September 13, 2016. \nShareholders accounting for approximately 20% of Canexus' outstanding shares, including all Canexus directors and officers and its largest shareholder Stirling Global Value Fund Inc., have entered into binding agreements to vote their shares in favour of the arrangement agreement.\n\n\nTORONTO, Dec. 15, 2016 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\") is pleased to announce that an indirect wholly-owned subsidiary of the Fund has entered into an arrangement agreement (the \"Arrangement Agreement\") to acquire all of the issued and outstanding common shares (the \"Common Shares\") of Canexus Corporation (TSX: CUS) (\"Canexus\") for consideration of $1.65 in cash per share, pursuant to a court-approved plan of arrangement (the \"Arrangement\"). Canexus' board of directors (the \"Canexus Board\") unanimously recommends that Canexus shareholders vote in favour of the Arrangement.\n\n\"We are very pleased to have reached an agreement with Canexus resulting in a mutually beneficial outcome for Canexus shareholders and Chemtrade unitholders. The successful completion of the Arrangement will strengthen and expand Chemtrade's existing platform while further diversifying our North American operations and allowing us to enter attractive South American markets,\" said Mark Davis, Chief Executive Officer of Chemtrade. \n\nThe Arrangement \n\nPursuant to the Arrangement, Canexus shareholders will receive $1.65 in cash per Common Share. This represents a 33% premium to the closing price of the Common Shares on the TSX on September 13, 2016 (the last ...