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News » Canada » CCCI’s takeover of Aecon moves forward » published 12 Dec 2017

CCCI’s takeover of Aecon moves forward

Two regulatory approvals have been granted in respect of the proposed acquisition of Aecon by a Chinese construction giant.

CCCC International Holding Limited (CCCI) plans to acquire all of the issued and outstanding common shares of Aecon for CA$20.37 per share in cash. 

The Commissioner of Competition has issued a “no action” letter in respect of the acquisition.  In addition, Aecon has been advised by CCCI that CCCI has received approval from the National Development & Reform Commission to proceed with the acquisition. Both were conditions of closing.

In addition, Aecon has announced that two leading independent proxy advisory firms have both recommended that shareholders of Aecon vote for the takeover. In their analyses, both ISS and Glass Lewis highlighted the significant premium for shareholders, the certainty of value and immediate liquidity provided by the all-cash consideration, and the robust sales process conducted by Aecon as factors supporting a for recommendation.

Aecon’s board of directors has unanimously determined that the acquisition is in the best interests of the company, that the terms and conditions of the acquisition are procedurally and substantively fair and reasonable to the shareholders, and that the consideration being offered to shareholders is fair, from a financial point of view. 

The voting deadline is 5:00pmm (Toronto time) on 15 December 2017.  

 

MPU

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This article was published on 12 Dec 2017 (last updated on 12 Dec 2017).

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