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Chemtrade Responds to Canexus Directors' Circular
Chemtrade Responds to Canexus Directors' Circular Chemtrade Responds to Canexus Di...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade Responds to Canexus Directors' Circular\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nChemtrade Responds to Canexus Directors' Circular\nCanada NewsWire\nTORONTO, Oct. 24, 2016\n\n\n\n\nChemtrade's compelling offer fairly values Canexus and provides Canexus shareholders with a significant cash premium. \nCanexus' aspirational vision of the future does not offer a credible alternative path to maximizing value. \nCanexus Board urged to shorten the minimum offer period and let shareholders decide.\n\n\n\nTORONTO, Oct. 24, 2016 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) (\"Chemtrade\" or the \"Fund\"), responded today to Canexus Corporation's (TSX:CUS) (\"Canexus\") directors' circular issued in connection with the previously announced offer (the \"Offer\") by an indirect, wholly-owned subsidiary of Chemtrade (the \"Offeror\") to acquire all of the issued and outstanding common shares (the \"Common Shares\") of Canexus. \n\nCanexus shareholders are invited to review a detailed presentation that provides a comprehensive refutation of a number of misleading and incorrect statements in the Canexus' directors' circular, available at www.CanexusOffer.com. \n\n\"We believe Chemtrade's premium, all cash Offer to Canexus shareholders provides compelling and certain value. The Canexus Board and management have repeatedly failed their shareholders and have presented no credible plan for growth. Incremental cost cutting and diverting cash flow to pay down debt, instead of investing in their assets, is a recipe for lackluster returns and will not maximize value,\" said Mark Davis, Chief Executive Officer of Chemtrade.\n\nMr. Davis continued, \"The Canexus Board fully shopped the company in a comprehensive sales process just last year. In the face of obvious regulatory risk, the Canexus Board tried to sell the company to Superior Plus Corp. (\"Superior Plus\") but was blocked by US Federal Trade Commission. More recently, rather than responding to Chemtrade's September 6, 2016 proposal by entering into negotiations, the Cane...