CALGARY, AB, Feb. 9, 2017 (Marketwired) -Canexus Corporation (the "Corporation" or "Canexus") is pleased to announce that it has obtained a final order from the Court of Queen's Bench of Alberta (the "Court") approving the arrangement pursuant to which an indirect wholly-owned subsidiary of Chemtrade Logistics Income Fund ("Chemtrade") will acquire all of the issued and outstanding common shares of Canexus for cash consideration of $1.65 per common share (the "Arrangement").
Canexus previously announced that shareholders voted to approve the Arrangement at the special meeting of shareholders held on February 8, 2017 (the "Meeting"). 84.51% of the Canexus common shares voted at the Meeting were in favour of a resolution approving the Arrangement.
Having obtained both shareholder and Court approval, closing of the Arrangement will now depend on the timing of regulatory approvals and the satisfaction or waiver of other closing conditions, and is expected to occur before the end of April, 2017.
Copies of the Meeting materials, and certain related documents with respect to the Arrangement, are available on SEDAR at www.sedar.com and on the Corporation's website.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus common shares (CUS) and debentures (Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange.