Aecon takeover pushed back by federal security review

By zaymalz malz

The takeover of Calgary-based construction giant Aecon Group has been delayed, with the Canadian federal government currently conducting an in-depth security review of China’s CCCC International Holdings, the company set to acquire Aecon.

The original date of 23 February has now been delayed until 30 March at the earliest as the review process continues.

See also:

“Both companies remain committed to working with the Investment Review Division to obtain approval of the transaction,” Aecon said.

The security review process remains the last hurdle preventing the completion of the deal, with the shareholders of both Aecon and CCCC having approved the deal, whilst Ontario’s Superior Court of Justice has also approved the Plan of Arrangement.

“This transaction creates significant and immediate value for Aecon shareholders, strengthens our competitive position in Canada and abroad with enhanced capabilities and financial resources, and provides expanded opportunities for our people,” said John Beck, President and CEO of Aecon.

“We look forward to partnering with a global leader while retaining Aecon’s Canadian headquarters and values.”

The deal represents a 42% premium on Aecon’s unaffected share price as of August 2017, with CCCC offering to pay $20.37 per Aecon share.

Share

Featured Articles

Rise of the Chief Information Security Officer (CISO)

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Leadership & Strategy

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy