Select Page

SPRINGDALE, AR / ACCESSWIRE / March 17, 2017 / Advanced Environmental Recycling Technologies, Inc. (AERT) announced that on March 16, 2017, it entered into a definitive agreement to be acquired by Oldcastle Architectural, Inc. for total cash consideration of $117 million.

At the effective time of the transaction, each share of common stock will be converted into the right to receive $0.135936 in cash and each share of preferred stock will be converted into the right to receive $2,603.483278 in cash. The per share prices are based on the total consideration less the estimated amount of AERT’s net debt outstanding at the closing and AERT’s estimated transaction expenses which were approximately $38.9 million and $12.4 million, respectively, as of March 16, 2017. The prices per share are not subject to adjustment, regardless of the actual amount of net debt and transaction expenses at closing. The purchase price will be funded through cash on hand.

The transaction was unanimously approved by the boards of directors of AERT and Oldcastle Architectural. Following the execution of the agreement, stockholders representing approximately 85% of the voting power of the issued and outstanding shares of AERT’s stock, executed a written consent adopting and approving the agreement. No additional stockholder approvals are necessary to adopt the agreement or consummate the transaction. The transaction is subject to customary closing conditions and is expected to close during the second quarter of 2017.

Related Posts

Flexible Packaging Recycling Pilot Seeks MRF Partner

Materials Recovery for the Future (MRFF), a research initiative of the Foundation for Chemistry Research and Initiatives, a 501(c)(3) tax-exempt

Read More

Metyx Composites Signs Up new Distributor

Turkish fabric manufacturer Metyx Composites has appointing GRP Solutions Ltd as its exclusive distributor for Great Britain. The company plans

Read More

Haydale Signs a Four-Year Agreement With Global Industrial Manufacturer

Haydale Graphene Industries, a global nanomaterials group, is announces that its subsidiary, Advanced Composite Materials, has entered into

Read More

PET and HDPE Pushing Plastic Bottle Growth

Demand for plastic bottles continues to grow in the United States: Plastic bottles and jars represent approximately 75% percent of all plastic containers

Read More

Optical Sorting Helps Ontario County Surpass Recycling Goals

Northumberland County in Ontario installed an Mach Hyspec optical sorting unit on the container line of its material recovery facility (MRF)

Read More

Solvay Leverages High-Performance Polymer to Enter Finished Medical Device Space

“Move over metal,” unabashedly trumpets the website of Solvay Dental 360, the first foray of materials supplier Solvay (Brussels) into the

Read More

Composite Training Videos Available to Stream

NetComposites has launched a series of training videos which offer a range of modules covering composite materials. The training modules are

Read More

Milacron to Shutter DME Pennsylvania Plant

On Friday, Milacron informed employees at the DME mold base manufacturing facility in Youngwood, PA, that all operations will be moving

Read More

Evonik, Forward Engineering Establish Joint Venture

Evonik Industries (Essen, Germany) and Forward Engineering (Munich, Germany) have established the joint venture, VESTARO GmbH. With

Read More

Starlinger President Erna Starlinger-Huemer Dies at 81

Erna Starlinger-Huemer, the president and former director of Austria-based extrusion machinery maker Starlinger & Co. GmbH, died on

Read More