TORONTO, Oct. 4, 2013 /CNW/ - General Donlee Canada Inc. (TSX: GDI; the
"Company" or "General Donlee") is pleased to announce the closing of
its previously announced transaction with Triumph Group, Inc.
("Triumph") pursuant to which a wholly-owned subsidiary of Triumph
acquired all of the issued and outstanding common shares of General
Donlee. The transaction was completed pursuant to a plan of arrangement
(the "Arrangement") in accordance with the Canada Business Corporations Act, which was approved by the Superior Court of Justice (Ontario) on
October 1, 2013. Shareholders of General Donlee approved the
Arrangement on September 30, 2013. All conditions of closing have now
been satisfied by both parties.
The acquisition provides Triumph with 100 per cent control of General
Donlee Canada Inc.
Pursuant to the Arrangement, General Donlee shareholders will receive
$5.50 per General Donlee common share in cash. The transaction
represents an enterprise value of approximately $114 million
(approximately US$110 million).
With the completion of the Arrangement, General Donlee's shares have now
been halted from trading on the Toronto Stock Exchange ("TSX") and are
expected to be delisted from the TSX shortly.
Shareholders who held their shares through a broker, investment dealer,
bank, trust company or other nominee or intermediary, should follow the
instructions provided by such nominee or intermediary. Registered
shareholders must complete and sign the letter of transmittal and
deliver it and the other documents required by it to Computershare
Investor Services Inc., as depository, in order to receive their cash
consideration. A letter of transmittal was mailed to registered
shareholders in early September, 2013. Details of the required process
are set forth in General Donlee's management information circular dated
September 3, 2013, a copy of which is available under General Donlee's
profile at www.sedar.com.
Any questions regarding the cash consideration, including any request
for another letter of transmittal, should be directed to your broker,
if applicable, or the depositary, Computershare Investor Services Inc.,
at its North American toll-free number: 1-800-564-6253 or by
downloading such documents from General Donlee's profile on SEDAR at www.sedar.com.
About General Donlee
General Donlee is a leading diversified manufacturer of
precision-machined products serving the commercial, military, and
general aerospace industries as well as the nuclear, power generation,
oil & gas and capital equipment end markets. General Donlee's operating
strategy focuses on targeting niche markets for products that are
aligned with its sophisticated manufacturing capabilities and skilled
workforce. Further information can be found in the disclosure documents
filed by General Donlee with the securities regulatory authorities,
available at www.sedar.com or through the Company's website at www.generaldonlee.com.
Triumph Group, Inc. (NYSE: TGI), headquartered in Berwyn, Pennsylvania,
designs, engineers, manufactures, repairs and overhauls a broad
portfolio of aerostructures, aircraft components, accessories,
subassemblies and systems. The company serves a broad, worldwide
spectrum of the aviation industry, including original equipment
manufacturers of commercial, regional, business and military aircraft
and aircraft components, as well as commercial and regional airlines
and air cargo carriers.
SOURCE: General Donlee Canada Inc.
For further information:
President & Chief Executive Officer
Telephone: (416) 743-4417
Robert S. Kheir, MBA, CMA
Chief Financial Officer
Telephone: (416) 743-4417