TORONTO, June 30, 2016 (Marketwired) -Superior Plus Corp. announced today that the Board of Directors of Superior has decided to terminate the Arrangement Agreement dated October 5, 2015 pursuant to which Superior was to acquire Canexus Corporation. Superior has provided Canexus with a termination notice under the Arrangement Agreement.
The Arrangement Agreement provides that the transaction may be terminated by Superior under certain circumstances, which have occurred. Superior had been in discussions with Canexus, but the parties have failed to reach agreement on terms that would allow the transaction to proceed. Among other things, Superior had sought to get Canexus to remedy the breach of certain provisions of the agreement and had requested that Canexus extend the Outside Date of June 29, 2016 to provide sufficient time for the parties to respond to legal proceedings commenced by the Federal Trade Commission.
About the Corporation
Superior consists of three primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.
For further information about Superior, please visit our website at: www.superiorplus.com.