TORONTO, Feb. 12, 2018 /CNW/ - Aecon Group Inc. (TSX: ARE)
today announced that the Outside Date for completing the Plan of
Arrangement with CCCC International Holding Limited (CCCI) has been
extended to March 30, 2018, by mutual
agreement. The parties extended the Outside Date following receipt
of a notice from the Minister of Innovation, Science and Economic
Development indicating that the federal Cabinet has, under section
25.3 of the Investment Canada Act, ordered a continuation of the
national security review of the proposed acquisition of Aecon by
CCCI. Accordingly, the review of the proposed transaction under the
Investment Canada Act is ongoing.
The Outside Date was originally February
23, 2018. Either party may, except in certain
circumstances, extend the Outside Date from time to time, in
increments of at least 35 days for up to 140 days, if the required
regulatory approvals have not been obtained. Both companies remain
committed to working with the Investment Review Division to obtain
approval of the transaction.
As previously disclosed, the Commissioner of Competition has
issued a "no action" letter in respect of the proposed transaction,
Aecon shareholders have voted overwhelmingly in favour of it, the
Ontario Superior Court of Justice (Commercial List) has approved
the Plan of Arrangement, and CCCI has received approval from the
National Development and Reform Commission. Completion of the
proposed transaction remains subject only to approval under the
Investment Canada Act and other customary closing conditions for a
transaction of this nature. Assuming the satisfaction or
waiver of these conditions, the proposed transaction is expected to
close by the end of the second quarter and before the July 13, 2018 Outside Date of the Arrangement
Agreement.
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 subject to risks
and uncertainties. Forward-looking statements include statements
about Investment Canada Act approvals and the closing of the
proposed transaction and 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 completion of the proposed 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 applicable Investment
Canada Act approvals and satisfy the other conditions to the
closing 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
applicable Investment Canada Act approvals 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.
SOURCE Aecon Group Inc.