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TORONTO, Nov. 11, 2016 /CNW/ - INFOR Acquisition Corp. (TSX: IAC.A, IAC.WT) ("INFOR Acquisition" or the "Company") is reporting its financial results as at and for the three months ended September 30, 2016. INFOR Acquisition's unaudited interim financial statements, along with the accompanying management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Company's profile at www.sedar.com or on the Company's website at www.inforacquisitioncorp.com.
At September 30, 2016, invested securities in INFOR Acquisition's escrow account with Equity Financial Trust Company consisted of $231 million in Canadian government treasury bills. This represents 100% of the gross proceeds raised in connection with the Company's initial public offering of Class A Restricted Voting Units and is available to the Company to complete its Qualifying Acquisition.
As was announced last quarter the Corporation entered into a definitive arrangement agreement by which ECN Capital Corp. would acquire all of the outstanding shares of INFOR Acquisition (other than shares of the Corporation held by ECN Capital or any of its affiliates) in exchange for common shares of ECN Capital. On October 12, 2016, the Company announced that the arrangement agreement had been terminated by mutual agreement of the parties.
"While we had hoped to consummate our qualifying acquisition with ECN Capital Corp., we have continued to look for alternatives. We remain confident that we will be able to present an attractive transaction to our shareholders" said Neil Selfe, CEO of INFOR Acquisition.
About INFOR Acquisition Corp.
INFOR Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or engaging in any other similar business combination with one or more businesses or assets.
Visit INFOR Acquisition Corp. at www.inforacquisitioncorp.com
About INFOR Financial Group Inc.
INFOR Financial Group Inc. ("INFOR Financial Group"), the sponsor of INFOR Acquisition Corp., is a leading independent merchant and investment bank based in Toronto. INFOR Financial Group provides innovative, independent, forward thinking financial and strategic advice to corporations, institutional investors, entrepreneurs and government entities. INFOR Financial Group's asset management division currently is focused on relationship investing and structured private credit investments. INFOR Financial Inc., a wholly-owned subsidiary of INFOR Financial Group, is an independent investment bank that offers advice on mergers and acquisitions, capital raises, risk management, private funds as well as corporate restructurings and derivative hedging strategies. In 2015, INFOR Financial Inc. was ranked as the top independent M&A advisor in Canada.
Visit INFOR Financial Group at www.inforfg.com
SOURCE INFOR Acquisition Corp.
For further information: Neil M. Selfe, Chief Executive Officer and Director, INFOR Acquisition Corp., Chief Executive Officer, INFOR Financial Group Inc., (416) 646-2610