All dollar amounts are in Canadian dollars.
SAINT-GEORGES, QC, Oct. 5, 2015 /CNW Telbec/ - Manac Inc. (TSX: MA) ("Manac" or the "Company"), a North American leader in the design and manufacture of specialty trailers, announced today that the Québec Superior Court issued a final order approving the previously announced statutory arrangement under the Business Corporations Act (Québec) (the "Arrangement") pursuant to which a consortium (the "Consortium") composed of Placements CMI Inc., Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois II s.e.c. will indirectly acquire all of the issued and outstanding multiple voting shares and subordinate voting shares of the Company for a cash consideration of $10.20 per share.
It is currently anticipated that the Arrangement will be completed on October 7, 2015, subject to the satisfaction or waiver of the conditions precedent to the Arrangement. Further details regarding the Arrangement are set out in the management information circular dated August 28, 2015 which is available under the profile of Manac at www.sedar.com.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. Manac offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Peerless®, Darkwing®, UltraPlate®, UltravanTM and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, energy, mining, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, QC, Penticton, BC as well as Oran and Kennett, MO.
Forward looking statements
Certain statements set forth in this press release may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "could", "should", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. These forward-looking statements include, but are not limited to, statements relating to Manac's expectations with respect to the timing and outcome of the proposed Arrangement with the Consortium and the ability of the parties to the arrangement agreement to complete the Arrangement. There can be no assurance that the proposed Arrangement will be completed, or that it will be completed on the terms and conditions contemplated in this press release. The proposed Arrangement could be modified or terminated. 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. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of Manac, which could in turn also impact the completion of the Arrangement, are described in details in the reports filed from time to time by Manac with securities authorities in Canada.
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Unless otherwise required by applicable securities laws, Manac disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this news release is based on information available as of the date of the release.
SOURCE Manac Inc.
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For further information: Julie Demers, Director, Legal Affairs, Manac Inc., Email: firstname.lastname@example.org, Telephone: 418-228-2018