IPL Plastics Inc. Obtains Final Order Approving Plan of Arrangement
MONTREAL, Sept. 29, 2020 (GLOBE NEWSWIRE) -- IPL Plastics Inc. (“IPLP” or the “Company”) (TSX: IPLP) today announced that the Company has obtained a final order
from the Superior Court of Québec in respect of the previously announced plan of arrangement (the “Arrangement”) pursuant to which Intelligent Packaging Limited Purchaser Inc. (the
“Purchaser”), an entity controlled by certain funds managed by Madison Dearborn Partners, LLC, will acquire all of the outstanding shares of the Company (the
“Shares”) for C$10.00 in cash per Share.
The Company and the Purchaser have now received all required third-party approvals in order to complete the Arrangement. Closing of the Arrangement remains subject to certain customary closing conditions. Assuming the satisfaction of these remaining closing conditions, the transaction is expected to close by mid October 2020.
Shareholders who have questions or require assistance with submitting their Shares to the Arrangement may direct their questions to D.F. King, who is acting as the Company’s proxy solicitation agent, by telephone in North America at (800) 926-4985, outside of North America at (416) 682-3825 (collect), in Ireland at 353 76 670 1238 or by email at firstname.lastname@example.org. Further information after submitting your Shares to the Arrangement including with respect to completing the applicable letter of transmittal, may be addressed to Computershare Trust Company of Canada, who will act as depositary under the Arrangement, at 1-800-564-6253 (for Shareholders in Canada and in the United States) or at 1-514-982-7555 (for Shareholders outside Canada and the United States).
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistics and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, Belgium, China and Mexico. IPLP employs approximately 2,000 people and has corporate offices in Montreal and Dublin. For more information, please visit the Company’s website at www.iplglobal.com.
Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to the proposed transaction including the anticipated completion and timing thereof, and other statements that are not material facts. Often but not always, forward-looking statements can be identified by the use of forward- looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.