Onex to Acquire Husky
Husky Injection Molding Systems Ltd. and Onex Corporation have entered into a support agreement whereby Onex will offer to acquire all of the issued and outstanding common shares of Husky at a price of USD 8.18 cash per common share. The total equity value of the transaction is approximately USD 960 million.
The USD 8.18 per share cash consideration represents a 38.6 % premium over the closing price of the common shares on the Toronto Stock Exchange on March 7, 2007, the last trading day prior to the announcement by Husky of the strategic review process.
Husky expects to hold a meeting of shareholders to consider the proposal on or about Thursday, December 6, 2007, and if approved, to complete the sale by mid-December 2007.
The Board of Directors of Husky has unanimously recommended that shareholders accept the Offer. Husky, with assistance from its financial advisor, Citi, conducted an extensive strategic review process involving bids received from numerous interested strategic and financial investors.
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