IPL Plastics Inc. Announces Completion of Plan of Arrangement

MONTREAL, Oct. 15, 2020 (GLOBE NEWSWIRE) -- IPL Plastics Inc. (“IPLP” or the “Company”) (TSX: IPLP) today announced the completion 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 (the “MDP Funds”) in which a wholly-owned affiliate of Caisse de dépôt et placement du Québec (“CDPQ”) now has a minority equity interest, has acquired all of the issued and outstanding common shares of the Company (the “Shares”) for C$10.00 in cash per Share. The Arrangement, which was announced on July 29, 2020, was approved by the Company’s shareholders at a special meeting held on September 28, 2020 and the Company obtained a final order from the Superior Court of Québec in respect of the Arrangement on September 29, 2020.

It is expected that the Shares will be delisted from the Toronto Stock Exchange (the “TSX”) on or around October 16, 2020. IPLP has submitted an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate IPLP’s public reporting requirements.

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 [phone], outside of North America at [phone] (collect), in Ireland at 353 76 670 1238 or by email at [e-mail]. Further inquiries 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 is acting 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).

Required Early Warning Report Information

Pursuant to the Arrangement, the MDP Funds, being Madison Dearborn Capital Partners VIII-A, L.P., Madison Dearborn Capital Partners VIII-C, L.P., Madison Dearborn Capital Partners VIII Executive-A, L.P. and Madison Dearborn Capital Partners VIII Executive-A2, L.P., indirectly through the Purchaser, acquired an aggregate of 54,647,125 Shares at a price of C$10.00 per Share for a total price of C$546,471,250.00.