Kentz shareholders vote in favour of accepting SNC-Lavalin offer
MONTREAL, Aug. 11, 2014 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) is pleased to announce that, following Kentz's Extraordinary General Meeting held in London today, Kentz's shareholders voted in favour of SNC-Lavalin's recommended cash offer of £1.2 billion (C$2.1 billion).
The relevant anti-trust clearances and approvals have been obtained or the relevant waiting periods have expired, lapsed or otherwise terminated. The Scheme Court Hearing will be held on August 21, 2014 and, subject to the sanction of the Court and the satisfaction or waiver of certain other conditions, the acquisition will become effective in accordance with its terms on August 22, 2014.
"We are very pleased that we have passed this important milestone as part of our offer to acquire Kentz," said Robert G. Card, President and CEO, SNC-Lavalin Group Inc. "It speaks to the fact that, by joining forces, we will have that much more to offer our clients and the communities we serve. We look forward to welcoming Kentz's employees into the SNC-Lavalin family."
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 40 countries, SNC-Lavalin's 30,000 employees provide EPC and EPCM services to clients in a variety of industry sectors, including mining and metallurgy, oil and gas, environment and water, infrastructure and clean power. SNC-Lavalin can also combine these services with its financing and operations and maintenance capabilities to provide complete end-to-end project solutions. www.snclavalin.com
About Kentz Corporation Limited
Kentz is a global engineering specialist solutions provider, which serves a blue chip client base primarily in the oil & gas, petrochemical and mining and metals sectors. It is listed on the London Stock Exchange (symbol: KENZ). Kentz has over 15,500 employees in 36 countries. Its three main business lines are: Engineering and Projects, Construction, and Technical Support Services (TSS). It has a proven track record of delivering mechanical, electrical, controls and instrumentation engineering, construction and management services in some of the most remote locations on earth.
The Information may contain statements relating to SNC-Lavalin and Kentz and the business sectors in which they operate which are, or may be deemed to be, "forward-looking statements", including for the purposes of Canadian securities law and the US Private Securities Litigation Reform Act of 1995. Generally, the words "will", "may", "should", "could", "would", "continues", "believes", "expects", "intends", "anticipates", "forecasts", "plans", "targets", "aims", "estimates" and "projects" or similar expressions identify forward-looking statements. Forward-looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Kentz or SNC-Lavalin's operations and potential synergies resulting from the Acquisition; and (iii) the effects of government regulation on Kentz or SNC-Lavalin's business.
Such statements reflect the relevant company's current views with respect to future events and are subject to risks, assumptions and uncertainties that could cause the actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks, assumptions and uncertainties relate to factors that are beyond the companies' abilities to control or estimate precisely, such as future market conditions, changes in general economic and business conditions, the behaviour of other market participants, the anticipated benefits from the proposed transaction not being realised as a result of changes in general economic and market conditions in the countries in which SNC-Lavalin and Kentz operate, weak, volatile or illiquid capital and/or credit markets, changes in tax rates, interest rate and currency value fluctuations, the degree of competition in the geographic and business areas in which SNC-Lavalin and Kentz operate and changes in laws or in supervisory expectations or requirements. Neither SNC-Lavalin nor Kentz can give any assurance that the forward-looking statements will prove to have been correct. You should not, therefore, place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Neither SNC-Lavalin nor Kentz undertakes any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.