גולדר מודיעה על התקשרות בסכם הסדר עם WSP Global Inc

דרוג:

חברת האם של Golder Associates Corporation, Enterra Holdings Ltd. ("גולדר" או "החברה") הודיעה שהיא התקשרה בהסכם סופי ("הסכם ההסדר") עם חברה בת בבעלות מלאה של WSP Global Inc. ("WSP"), שלפיו WSP תרכוש את גולדר ("העסקה") באמצעות תוכנית של הסדר לפי חוק החברות (נובה סקושה) תמורת תשלום מיצרפי של 1.24 מיליארד דולר (אמריקני).

Golder Announces Entering Into Arrangement Agreement With WSP Global Inc.

MISSISSAUGA, Ontario, Dec. 03, 2020 (GLOBE NEWSWIRE):

Golder Associates Corporation’s parent company, Enterra Holdings Ltd. (“Golder” or the “Company”) announces that it has entered into a definitive agreement (the “Arrangement Agreement”) with a wholly-owned subsidiary of WSP Global Inc. (“WSP”), pursuant to which WSP will acquire Golder (the “Transaction”) by way of a plan of arrangement under the Companies Act (Nova Scotia) for aggregate consideration of $1.14 Billion (USD). The Transaction is expected to close in the first half of 2021, subject to obtaining the final approval of the Supreme Court of Nova Scotia, the approval of the Golder shareholders (“Shareholders”), certain regulatory approvals and satisfaction or waiver of customary closing conditions.

Shareholder Approval

The Transaction must be approved by the Shareholders at a meeting duly called for such purpose (the “Meeting”), which is expected to be held on January 13, 2021. The requisite approval will be the affirmative vote at the Meeting of not less than three-fourths of the votes cast by all Shareholders present in person or by proxy at the Meeting.

Superior Proposal and Termination of the Arrangement Agreement

The Arrangement Agreement provides for a non-solicitation covenant on the part of Golder. The non-solicitation covenant is subject to a customary “fiduciary out” provision that entitles Golder to consider and accept a superior proposal prior to receipt of Shareholder approval at the Meeting, subject to a matching right in favour of WSP. Golder can only exercise its fiduciary out if it is in compliance with its obligations under certain provisions of the Arrangement Agreement and it must terminate the Arrangement Agreement and pay WSP a break fee of US$25 million in order to do so. The Arrangement Agreement contains a customary definition of “Acquisition Proposal”. Golder is entitled to advise persons that submit an Acquisition Proposal to Golder on an unsolicited basis of the restrictions in the Arrangement Agreement, and, if a person submitting an Acquisition Proposal enters into a confidentiality agreement with Golder on terms no less onerous or more beneficial to such person than the current confidentiality agreement between Golder and WSP, a redacted copy of the Arrangement Agreement can be provided to that person. Golder is required to advise WSP of any Acquisition Proposal that it receives prior to the Meeting and provide WSP with copies of the relevant documentation.

In the event that the Board of Directors of the Company determines that an Acquisition Proposal received prior to the Meeting is, or could reasonably be expected to constitute, a Superior Proposal, Golder may engage in discussions with the party making such proposal and provide such party with confidential information provided that Golder is in compliance with certain provisions of the Arrangement Agreement and Golder and the proposing party enter into a confidentiality agreement, if they have not already done so, in the form described above.

For an Acquisition Proposal to be a Superior Proposal, it must be for all of Golder’s shares or substantially all of its assets and meet the following criteria: (a) complies with securities laws and did not result from or involve a breach of Golder’s non-solicitation covenants; (b) is reasonably capable of being completed without undue delay, taking into account, all financial, legal, regulatory and other aspects of such proposal (including the expected timing and risks) and the person making such proposal; (c) is not subject to any financing contingency; (d) is not subject to any due diligence condition; and (e) that Golder’s board of directors determines, in its good faith judgment, after receiving the advice of its outside legal and financial advisors and after taking into account all of the terms and conditions of the Acquisition Proposal including all legal, financial, regulatory and other aspects of such Acquisition Proposal (including the expected timing and risks, including in respect of the level of certainty of the financing of such person), would, if consummated in accordance with its terms, taking into account the risk of non-completion, result in a transaction which is in the bests interests of Golder and more favourable, from a financial point of view, to the shareholders than the Transaction.

Regulatory Approvals

Golder and WSP have identified several jurisdictions where competition or foreign investment merger control filings will be required or are advisable. The making of such filings and receipt of the requisite approvals, or the expiry or termination of the applicable waiting periods, is a condition to closing the Transaction.

About Golder

Renowned for technical excellence, Golder is a leading global specialized engineering and consulting firm with over 60 years of successful service to its clients. With 155 offices in more than 30 countries, Golder’s professionals are driven by a passion to deliver results, offering unique specialized skills to address the ever-evolving challenges that earth, environment, and energy present to clients across the infrastructure, mining, oil & gas, manufacturing and power sectors.

For more information, please contact Wendy Stoveland, Director of Global Communications by email at [email protected].

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, timing of closing of the Transaction, timing for the Meeting, and completion of proceedings under the Act. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to obtain the approval of the Nova Scotia Supreme Court, the ability of the Company to obtain the approval of its Shareholders, the ability of the Company and WSP to obtain the required regulatory approvals and to complete certain steps required under the Act in order for the Transaction to be completed. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on Golder. The Company’s Information Circular that will be distributed to Shareholders in connection with the Transaction has further information on the risks and uncertainties relating to the completion of the Transaction in the section “Forward-Looking Statements”. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward looking statements to reflect subsequent information, events, or circumstances.

No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release.