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BRIEF-U.S. CONCRETE TO ACQUIRE POLARIS MATERIALS CORPORATION

Published 2017-09-29, 12:14 p/m
BRIEF-U.S. CONCRETE TO ACQUIRE POLARIS MATERIALS CORPORATION

Sept 29 (Reuters) - U.S. Concrete:

* U.S. CONCRETE TO ACQUIRE POLARIS MATERIALS CORPORATION

* WILL ACQUIRE ALL ISSUED, OUTSTANDING COMMON SHARES OF POLARIS FOR C$3.40 PER SHARE IN CASH BY WAY OF A STATUTORY PLAN OF ARRANGEMENT

* DEAL FOR APPROXIMATELY C$309 MILLION

* PRICE PER SHARE IMPLIES AN AGGREGATE FULLY DILUTED EQUITY VALUE FOR POLARIS OF APPROXIMATELY C$309 MILLION

* DEAL REPRESENTS 22% PREMIUM TO C$2.79 PER SHARE TRANSACTION PRICE PURSUANT TO TERMINATED VULCAN AGREEMENT

* POLARIS TERMINATED ARRANGEMENT AGREEMENT BETWEEN POLARIS, VULCAN MATERIALS COMPANY AND A WHOLLY-OWNED SUBSIDIARY OF VULCAN

* U.S. CONCRETE TO ACQUIRE POLARIS MATERIALS CORPORATION

* POLARIS' BOARD, SPECIAL COMMITTEE HAVE UNANIMOUSLY RECOMMENDED POLARIS SHAREHOLDERS, AMONG OTHERS VOTE IN FAVOUR OF DEAL

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