ShawCor Completes Acquisition Of Flexpipe Systems

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[{"type":"text","content":"\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, June 27 /CNW/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced\nthe completion of the previously announced acquisition of all of the\noutstanding shares of Flexpipe Systems Inc. for a total consideration of\napproximately $130 million. Flexpipe Systems is a leading manufacturer of\nspoolable, composite line pipe which is used by oil and gas producers in\napplications that benefit from the product's ease and speed of installation\nand its pressure and corrosion resistance capabilities.\n\n\nThe transaction was effected by means of a court approved plan of\narrangement following the approval by 100% of Flexpipe Systems' security\nholders represented at a special meeting held on June 26, 2008. Under the\nterms of the arrangement, shareholders of Flexpipe Systems will receive a cash\npayment of $7.75 per Flexpipe Systems share. Holders of options or warrants to\nacquire shares of Flexpipe Systems, which were not exercised prior to today,\nwill receive a cash payment equal to the difference between $7.75 and the\nexercise price of the option or warrant.\n\n\nShawCor Ltd. is an energy service company specializing in products and\nservices for the pipeline and pipe services and the petrochemical and\nindustrial segments of the oil and gas industry. The company operates through\nseven divisions with over sixty manufacturing and service facilities located\naround the world.\n\n\nFlexpipe Systems Inc. is based in Calgary and has sales offices and\nservice depots in Saskatchewan, Colorado and Texas. The company manufactures\nand sells a proprietary, flexible, non-metallic, corrosion-resistant pipeline\nproduct marketed primarily to oil and natural gas producers in Canada and the\nUnited States.\n\n\nThis news release contains forward-looking information within the meaning\nof applicable securities laws. Words such as "may", "will", "should",\nanticipate", "plan", "expect", "believe", "predict", "estimate" or similar\nterminology are used to identify forward-looking information. This\nforward-looking information is based on assumptions, estimates and analysis\nmade in the light of the company's experience and its perception of trends,\ncurrent conditions and expected developments, as well as other factors that\nar...

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