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.
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.