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

M. Holland to Build Massive Resin Distribution Centre Near Chicago

Thermoplastic resin distributor M. Holland Company is partnering with two longtime logistics providers to build a new 400,000-square-foot distribution centre near

Read More

Milacron to Invest an Estimated $5 Million and Create up to 70 New Jobs Through Consolidation at Their DME Product Brand Greenville, MI Facility

Milacron Holdings Corp. (NYSE: MCRN), a leading industrial technology company serving the plastics processing industry is proud to announce that DME Company LLC, a

Read More

Solvay Consortium to Develop High-Volume Automotive Composites

Chemical company Solvay, along with auto supplier Bentley and composite manufacturer Penso, has been awarded a multi-million-pound grant by the UK government’s Advanced

Read More

GE Healthcare Finds a Lot to Like About Otto Motors’ Self-Driving Vehicle

Technicians at GE Healthcare’s massive Repair Operations Center in Milwaukee, WI, handle more than 2,000 repairs of medical devices every week. Until recently, part of

Read More

The Fittipaldi EF7 Vision Gran Turismo by Pininfarina

The ultra-light, all carbon fiber, racing supercar built for the world F1 champion Emerson Fittipaldi was on display at the 2017 Qatar Motor Show. The ultra-light, all carbon fiber

Read More

Nova Chemicals Improves Online Tool for Predicting Multi-Layer Film Performance

Materials supplier Nova Chemicals Corp. (Calgary, AB) recently updated its online tool that allows users to predict the performance of complex film structures with

Read More

On-Site Bottling Operation Started by Amcor and Campbell Soup

Amcor Rigid Plastics is expanding its partnership with long-term customer Campbell Soup with the opening of a $7 million on-site bottle manufacturing operation in Paris,

Read More

Henkel Opens Facility for Aerospace Applications

Henkel’s Adhesive Technologies business unit has started to build a new production facility for aerospace applications at its site in Montornès, Spain, to meet growing and warehouse capacities. The first customer deliveries are projected for 2019.

Read More

D6 Inc. Ready to Unveil new Headquarters and Thermforming Facility

D6 Inc., a manufacturer and “think-tank group” that specializes in food- and non-food packaging, announced the opening of its headquarters and thermoforming

Read More

PlastiComp Expands Production Capability for Long Carbon Fiber Reinforced Composites

PlastiComp, Inc., a global leader in long fiber thermoplastic materials and technologies, announced it has completed installation of an additional pultrusion line

Read More