Business
Kelso & Company to make recommended all-cash offer of C$0.38 per share for EACOM Timber Corporation
Kelso & Company to make an all-cash offer for all the common shares of EACOM for C$0.3...
About this update from Etruscus Resources Corp.
[{"type":"text","content":"\n\n\n\n\n\nKelso & Company to make an all-cash offer for all the common shares of\n EACOM for C$0.38 per common share, representing a premium of\n approximately 46.2% to the closing price of the shares on March 21, 2013 and a premium of\n 63.7% to the 30-day volume weighted average price (\"VWAP\").\n\n\nEACOM's Board of Directors unanimously recommends that shareholders\n accept the Kelso offer.\n\n\nEACOM directors, senior executive officers and certain significant\n shareholders have entered into lock-up agreements, representing\n approximately 44% of the fully-diluted shares, with Kelso and have\n agreed to tender all of their common shares to the Kelso offer.\n\n\nMONTREAL and VANCOUVER, March 22, 2013 /CNW Telbec/ - EACOM Timber\n Corporation (TSXV: ETR) (\"EACOM\", or the \"Company\") and Kelso & Company\n jointly announce that Kelso & Company, through a wholly owned\n subsidiary (\"Kelso\") has agreed, subject to certain conditions, to make\n a take-over bid to acquire all of the common shares of EACOM for C$0.38\n in cash per common share (the \"Offer\"). EACOM and Kelso have entered\n into a support agreement (the \"Support Agreement\") in connection with\n the Offer.\n\n\nThe Offer represents a premium of 46.2% to EACOM's closing share price\n of C$0.26 on the TSX Venture Exchange on March 21, 2013 and a premium of 63.7% to the VWAP of the EACOM common shares for the 30-day period ending on\n that date.\n\n\n\"We are pleased with Kelso's offer, which recognizes the Company's\n inherent value. Kelso is extremely well capitalized and is in a\n position to provide the capital to implement EACOM's long term growth\n and mill modernization plan. We believe that the Offer is in the best\n interests of the Company and its stakeholders, including its\n shareholders and employees\", said Terry Lyons, Chair of the Special\n Committee of the Board of Directors of EACOM.\n\n\nThe Special Committee of the Board of Directors of EACOM, following\n review of the terms and conditions of the Offer and consideration of a\n number of factors unanimously recommended the Offer to EACOM's Board of\n Directors.  The Special Committee and the Board of Directors have\n received an opinion from each of Canaccord Genuity Corp. and Sanabe &\n Associates LLC that as of the date of the opinion and subject to the\n assumptions ...