Business
Garneau Inc. Announcement
Garneau Inc. Announcement.
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\n\nTSX - GAR\n\nNISKU, AB, March 30 /CNW/ - Garneau Inc. (GAR:TSX) announced that it has\nreceived an unsolicited approach from ShawCor Ltd. concerning a possible\ntransaction whereby ShawCor would acquire all of the outstanding shares of\nGarneau Inc. (other than shares held by certain members of the Garneau family)\nat a price of $2.20 per share. It is anticipated that such a transaction would\nproceed by way of a plan of arrangement to be approved by shareholders of\nGarneau. Garneau has granted to ShawCor a limited period of exclusivity to\nnegotiate and settle the terms of a definite agreement but although\ndiscussions are ongoing, no binding agreement has been entered into by the\nparties.\nAs part of the contemplated transaction, Glen Garneau is negotiating with\nShawCor to purchase the existing Garneau Manufacturing Division, assets and\noperating business.\nGarneau has engaged Peters & Co. Limited as its financial advisor to\nassist the board of directors and management of Garneau in their negotiations\nwith ShawCor.\n\nAbout Garneau Inc.\n------------------\nGarneau Inc.'s primary business is the application of high performance\nprotective coatings and linings for oil and gas pipeline protection.\nAdditionally, Garneau Inc. designs and fabricates oilfield equipment for both\ndomestic and international markets. During more than 30 years of operating\nexperience, Garneau Inc. has developed significant expertise and innovative\ntechnology, and has maintained a long-term focus on continuously improving the\npipe coating process with cost-effective, quality coatings. A talented and\neffective management team provides the vision and experience for long-term\nprofitable growth and increasing shareholder value. The company's Website can\nbe accessed at: http://www.garneau-inc.com/\n\n%SEDAR: 00008952E\n\n\n","length":1887,"tagName":"div"}]