Business
Enerflex Responds to Toromont Announcement
Enerflex Responds to Toromont Announcement
About this update from Toromont Industries Ltd.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 12 /CNW/ -- Enerflex Systems Income Fund (TSX:EFX.UN) responded to the press release of today by Toromont Industries Ltd. which states that Toromont intends to make an unsolicited offer for the Fund that is expected to expire in early January, 2010. Enerflex Unitholders are cautioned that no formal offer has been made and that they do not need to take any action at this time.As previously disclosed, Enerflex established a Special Committee of independent directors following Toromont's earlier announcement regarding a proposed business combination with Enerflex. The Special Committee is advancing, and is on track with, its process of considering Toromont's proposed transaction as well as alternatives. The Special Committee will carefully review any Toromont bid circular, if and when it is mailed. The Special Committee will make a recommendation to the Board at the appropriate time after considering all factors, including alternative transactions. The Board will, in turn and based on similar considerations, make a recommendation to Unitholders at the appropriate time.The Special Committee has retained BofA Merrill Lynch as its independent financial advisor and Stikeman Elliott LLP as its independent legal advisor. In addition to the advisors to the Special Committee, Enerflex's financial advisor is Scotia Capital Inc. and its legal advisor is Bennett Jones LLP.Unitholders are cautioned that the making and timing of any offer is at Toromont's discretion and any offer will be subject to such conditions as Toromont may impose.Enerflex is a leading supplier of products and services to the global oil and gas production industry. Our core expertise is the supply of products and services between the wellhead and the pipeline. Enerflex provides natural gas compression and process equipment for sale or lease, hydrocarbon production and processing facilities, electrical, instrumentation and controls services and a comprehensive package of field maintenance and contracting capabilities. Through our ability to provide these products and services in an integrated manner, or as standalone offerings, Enerflex offers its customers a unique value proposition.Headquartered in Calgary, Canada, Enerflex has approximately 2,400 employees. Enerflex, its subsidiaries, interests in affiliates...