Aecon Shareholders Vote To Approve Sale
Aecon Group shareholders voted to approve the previously announced plan in which China’s CCCC International Holding Limited [CCCI] will acquire all of the issued and outstanding common shares of Aecon.
“Approximately 99.40 per cent of the votes cast by Aecon shareholders were in favour of the Arrangement, including approximately 99.39 per cent of the votes cast by Aecon shareholders other than shareholders whose votes were required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions,” the company said.
“Approval was required from at least two-thirds of the votes cast by shareholders plus a simple majority of disinterested shareholders, voting either in person or by proxy.
“It is expected that Aecon will apply for a final order of the Ontario Superior Court of Justice [Commercial List] for approval of the Arrangement on December 22, 2017.
“Completion of the arrangement remains subject to other customary closing conditions for a transaction of this nature, including the aforementioned court order and approval under the Investment Canada Act.
“Assuming the satisfaction or waiver of these closing conditions, the Arrangement is expected to close by the end of the first quarter of 2018.”
When the pending sale was announced in October, Steve Nackan, President, Aecon Concessions and Chairman, Skyport, said, “Following the announcement to enter into an agreement with CCCI, a wholly owned subsidiary of China Communications Construction Co., Limited, we wish to confirm our steadfast commitment to Bermuda and the Airport Redevelopment Project. It is business as usual at Aecon and on the Bermuda airport terminal construction project.
“This agreement will create value for our shareholders and enhance Aecon’s capabilities and growth potential, something that we’re very excited about. By joining the third largest construction company in the world, Aecon and Skyport will ultimately benefit from enhanced capabilities and financial resources. However, Aecon will remain a Canadian company.
“This sale will have no impact on the day-to-day of the construction of the new airport terminal or Skyport. The Aecon management team and friendly Bermudian Skyport employees will remain in place and the new airport will be completed on-time and on-budget with the guarantee of the Canadian Commercial Corporation. We look forward to delivering a state-of-the-art terminal in 2020.”
Welcome aboard grasshopper…