TSX - GAR NISKU, AB, March 30 /CNW/ - Garneau Inc. (GAR:TSX) announced that it has received an unsolicited approach from ShawCor Ltd. concerning a possible transaction whereby ShawCor would acquire all of the outstanding shares of Garneau Inc. (other than shares held by certain members of the Garneau family) at a price of $2.20 per share. It is anticipated that such a transaction would proceed by way of a plan of arrangement to be approved by shareholders of Garneau. Garneau has granted to ShawCor a limited period of exclusivity to negotiate and settle the terms of a definite agreement but although discussions are ongoing, no binding agreement has been entered into by the parties. As part of the contemplated transaction, Glen Garneau is negotiating with ShawCor to purchase the existing Garneau Manufacturing Division, assets and operating business. Garneau has engaged Peters & Co. Limited as its financial advisor to assist the board of directors and management of Garneau in their negotiations with ShawCor. About Garneau Inc. ------------------ Garneau Inc.'s primary business is the application of high performance protective coatings and linings for oil and gas pipeline protection. Additionally, Garneau Inc. designs and fabricates oilfield equipment for both domestic and international markets. During more than 30 years of operating experience, Garneau Inc. has developed significant expertise and innovative technology, and has maintained a long-term focus on continuously improving the pipe coating process with cost-effective, quality coatings. A talented and effective management team provides the vision and experience for long-term profitable growth and increasing shareholder value. The company's Website can be accessed at: http://www.garneau-inc.com/ %SEDAR: 00008952E