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SHAWCOR LTD.
(TSX: SCL.A, SCL.B)
>>
TORONTO, Oct. 5 /CNW/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced
that ShawCor and Garneau Inc. have terminated the Arrangement Agreement
pursuant to which ShawCor Ltd. was to have acquired Garneau Inc. As a result,
the proposed acquisition will not proceed.
The originally scheduled closing in late May was delayed pending a review
by the Competition Bureau. The decision not to proceed is based on the
inability of the parties to resolve outstanding issues and the prospect of
further delays.
