TORONTO, Dec. 22, 2017 /CNW/ - Aecon Group Inc. (TSX: ARE)
today announced that the Ontario Superior Court of Justice
(Commercial List) has issued a final order approving the previously
announced Plan of Arrangement pursuant to which CCCC International
Holding Limited (CCCI), will acquire all of the issued and
outstanding common shares of Aecon (the "Arrangement").
Completion of the arrangement remains subject to other customary
closing conditions for a transaction of this nature, including
approval under the Investment Canada Act. Assuming the satisfaction
or waiver of these closing conditions, the arrangement is expected
to close by the end of the first quarter of 2018.
About Aecon
Aecon Group Inc. (TSX: ARE) is a Canadian leader and
partner-of-choice in construction and infrastructure
development. Aecon provides integrated turnkey services to
private and public sector clients in the Infrastructure, Energy and
Mining sectors and provides project management, financing and
development services through its Concessions segment. For more
information, please visit www.aecon.com and follow us on
Twitter at @AeconGroup.
Statement on Forward-Looking Information
The information in this press release includes certain
forward-looking statements. These forward-looking statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. More particularly and without limitation, this press
release contains forward-looking statements and information
concerning: the anticipated benefits of the transaction to the
parties, to Aecon shareholders and certain of the countries in
which Aecon operates; the timing and anticipated receipt of
required regulatory approvals for the transaction; the ability of
the parties to satisfy the other conditions to, and to complete,
the transaction; and the anticipated timing for the closing of the
transaction.
Forward-looking statements may include, without limitation,
statements regarding the operations, business, financial condition,
expected financial results, performance, prospects, ongoing
objectives, strategies and outlook for Aecon. Forward-looking
statements may in some cases be identified by words such as "will,"
"plans," "believes," "expects," "anticipates," "estimates,"
"projects," "intends," "should" or the negative of these terms, or
similar expressions. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Aecon undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
In respect of the forward-looking statements and information
concerning the anticipated benefits and completion of the proposed
transaction and the anticipated timing for completion of the
transaction, Aecon and CCCI have provided such in reliance on
certain assumptions that they believe are reasonable at this time,
including assumptions as to the ability of the parties to receive,
in a timely manner and on satisfactory terms, the necessary
regulatory, and other third party approvals, including but not
limited to the receipt of applicable foreign investment approval
required in Canada; the ability of
the parties to satisfy, in a timely manner, the other conditions to
the closing of the transaction; and other expectations and
assumptions concerning the transaction and the operations and
capital expenditure plans of Aecon following completion of the
transaction. The anticipated dates provided may change for a number
of reasons, including the inability to secure regulatory, or other
third party approvals in the time assumed or the need for
additional time to satisfy the other conditions to the completion
of the transaction. Accordingly, readers should not place undue
reliance on the forward-looking statements and information
contained in this press release.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. Risks and uncertainties inherent in the nature of the
transaction include the failure of Aecon and CCCI to obtain
necessary regulatory, and other third party approvals, including
those noted above, or to otherwise satisfy the conditions to the
completion of the transaction, in a timely manner, or at all.
Failure to so obtain such approvals, or the failure of the parties
to otherwise satisfy the conditions to or compete the transaction,
may result in the transaction not being completed on the proposed
terms, or at all. In addition, if the transaction is not
completed, and Aecon continues as an independent entity, there are
risks that the announcement of the transaction and the dedication
of substantial resources of Aecon to the completion of the
transaction could have an impact on Aecon's current business
relationships (including with future and prospective employees,
customers, distributors, suppliers and partners) and could have a
material adverse effect on the current and future operations,
financial condition and prospects of Aecon. Furthermore, the
failure of Aecon to comply with the terms of the definitive
agreement may result in Aecon being required to pay a fee to CCCI,
the result of which could have a material adverse effect on Aecon's
financial position and results of operations and its ability to
fund growth prospects and current operations.
SOURCE Aecon Group Inc.