U.S. Concrete to Acquire Polaris Materials Corporation
Polaris' special meeting of securityholders scheduled for
- The transaction represents a 22% premium to the
C$2.79per share transaction price pursuant to the terminated Vulcan Agreement.
- Polaris' Board of Directors and a special committee consisting of the independent directors of Polaris (the "Special Committee") have unanimously recommended that shareholders, optionholders and deferred unit holders of Polaris (collectively, the "Affected Securityholders") vote in favour of the transaction contemplated by the USCR Arrangement Agreement.
- In connection with the termination of the Vulcan Agreement, a termination fee was paid to Vulcan.
- Polaris is permitted to terminate the USCR Arrangement Agreement in certain circumstances, including to allow Polaris' Board of Directors to accept a superior proposal subject to certain conditions, including USCR's "right to match" and payment of a termination fee.
- Completion of the USCR Arrangement is subject to customary closing conditions, including approval of Affected Securityholders and court approval, and is expected to close in the fourth quarter of 2017.
"We believe that Polaris is an ideal strategic fit and enables a replication in
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward-looking information includes, but is not limited to, statements regarding: the expected benefits and synergies of the USCR Arrangement; timing of completion of the USCR Arrangement; receipt of all approvals, including from the
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