SNC-Lavalin Group Inc. and WS Atkins plc (ATK.L) announced that they have reached agreement on the terms and conditions of a recommended all cash acquisition of the entire issued and to be issued share capital of Atkins by SNC-Lavalin (GB) Holdings Limited, a wholly-owned subsidiary of SNC-Lavalin. The Acquisition values Atkins' entire issued and to be issued ordinary share capital at about 2.1 billion pounds or C$3.6 billion.
As per the terms of the Acquisition, each Atkins Shareholder will be entitled to receive 2,080 pence in cash for each Atkins Share. The price of 2,080 pence per Atkins Share represents a premium of about 35 per cent to the closing price of 1,540 pence per Atkins Share on 31 March 2017, being the last business day before the announcement of the Possible Offer.
The Acquisition will create a C$12.1 billion global fully integrated professional services and project management company with 53,000 employees and significantly improve SNC-Lavalin's overall margins, and further balance its business portfolio.
The Atkins Directors confirmed they intend unanimously to recommend that Atkins Shareholders vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting, as they have irrevocably undertaken to do in respect of their own beneficial holdings which are under their control of, in aggregate, 139,993 Atkins Shares representing approximately 0.14 per cent of the issued ordinary share capital of Atkins on 19 April 2017.
The Acquisition is expected to become Effective in the third quarter of 2017, subject to satisfaction (or, where applicable, waiver) of the Conditions and further terms set out in Appendix 1 to this Announcement.
by RTT Staff Writer
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