Aegion Confirms Receipt of Unsolicited Acquisition Proposal
12 Março 2021 - 12:30PM
Aegion (NASDAQ:AEGN) today confirmed that it has received an
unsolicited non-binding proposal (the “Proposal”) from another
party to acquire Aegion, subject to certain conditions, including
due diligence.
The Company previously announced on February 16, 2021, that it
had entered into a definitive merger agreement (the “Pending Merger
Agreement”) to be acquired by affiliates of New Mountain Capital,
L.L.C. (“New Mountain”), for $26.00 per share in cash, or a total
enterprise value of approximately $963 million.
In accordance with the terms of the Pending Merger Agreement and
as part of its fiduciary duty, Aegion’s Board of Directors is
evaluating the Proposal in consultation with its independent
financial and legal advisors and will pursue the course of action
that the Board of Directors believes is in the best interest of
Aegion and its stockholders. Aegion’s Board of Directors has not
made any determination as to whether the Proposal constitutes or
could reasonably be expected to result in a “superior proposal”
under the terms of the Pending Merger Agreement. There can be no
assurance that any transaction or definitive agreement will result
from this Proposal.
AdvisorsCenterview Partners LLC is serving as
exclusive financial advisor to Aegion, and Shearman & Sterling
is serving as legal counsel.
About Aegion Corporation (NASDAQ: AEGN)Aegion
combines innovative technologies with market-leading expertise to
maintain, rehabilitate and strengthen infrastructure around the
world. For 50 years, the Company has played a pioneering role in
finding innovative solutions to rehabilitate aging infrastructure,
primarily pipelines in the wastewater, water, energy, mining and
refining industries. Aegion also maintains the efficient operation
of refineries and other industrial facilities. Aegion is committed
to Stronger. Safer. Infrastructure.® More information about Aegion
can be found at www.aegion.com.
Forward-Looking StatementsThis communication
contains “forward-looking statements” within the meaning of the
U.S. federal securities laws. Such statements include statements
concerning anticipated future events and expectations that are not
historical facts. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Forward-looking statements are typically identified by
words such as “believe,” “expect,” “anticipate,” “intend,”
“target,” “estimate,” “continue,” “positions,” “plan,” “predict,”
“project,” “forecast,” “guidance,” “goal,” “objective,”
“prospects,” “possible” or “potential,” by future conditional verbs
such as “assume,” “will,” “would,” “should,” “could” or “may,” or
by variations of such words or by similar expressions or the
negative thereof. Actual results may vary materially from those
expressed or implied by forward-looking statements based on a
number of factors, including, without limitation: (1) risks related
to the consummation of the merger, including the risks that (a) the
merger may not be consummated within the anticipated time period,
or at all, (b) the parties may fail to obtain stockholder approval
of the merger agreement, (c) the parties may fail to secure the
termination or expiration of any waiting period applicable under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, (d) other conditions to the consummation of the merger
under the merger agreement may not be satisfied, and (e) the
significant limitations on remedies contained in the merger
agreement may limit or entirely prevent the Company from
specifically enforcing the obligations of Carter Intermediate, Inc.
(Parent) and its wholly owned subsidiary, Carter Acquisition, Inc.
(Merger Sub), under the merger agreement or recovering damages for
any breach by Parent or Merger Sub; (2) the effects that any
termination of the merger agreement may have on the Company or its
business, including the risks that (a) the Company’s stock price
may decline significantly if the merger is not completed, (b) the
merger agreement may be terminated in circumstances requiring the
Company to pay Parent a termination fee, or (c) the circumstances
of the termination, including the possible imposition of a 12-month
tail period during which the termination fee could be payable upon
certain subsequent transactions, may have a chilling effect on
alternatives to the merger; (3) the effects that the announcement
or pendency of the merger may have on the Company’s and its
business, including the risks that as a result (a) the Company’s
business, operating results or stock price may suffer, (b) the
Company’s current plans and operations may be disrupted, (c) the
Company’s ability to retain or recruit key employees may be
adversely affected, (d) the Company’s business relationships
(including, customers, franchisees and suppliers) may be adversely
affected, or (e) the Company’s management’s or employees’ attention
may be diverted from other important matters; (4) the effect of
limitations that the merger agreement places on the Company’s
ability to operate its business, return capital to stockholders or
engage in alternative transactions; (5) the nature, cost and
outcome of pending and future litigation and other legal
proceedings, including any such proceedings related to the merger
and instituted against the Company and others; (6) the risk that
the merger and related transactions may involve unexpected costs,
liabilities or delays; (7) other economic, business, competitive,
legal, regulatory, and/or tax factors; and (8) other factors
described under the heading “Risk Factors” in Part I, Item 1A of
the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, as updated or supplemented by subsequent reports
that the Company has filed or files with the SEC. Potential
investors, stockholders and other readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. Neither Parent
nor the Company assumes any obligation to publicly update any
forward-looking statement after it is made, whether as a result of
new information, future events or otherwise, except as required by
law.
Additional Information and Where to Find ItThis
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication may be deemed to be
solicitation material in respect of the proposed merger between
Merger Sub and the Company. In connection with the proposed
transaction, the Company plans to file a proxy statement with the
SEC. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY
DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT
DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE
COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.
Stockholders and investors will be able to obtain free copies of
the proxy statement and other relevant materials (when they become
available) and other documents filed by the Company at the SEC’s
website at www.sec.gov. Copies of the proxy statement (when they
become available) and the filings that will be incorporated by
reference therein may also be obtained, without charge, by
contacting the Company’s Investor Relations at kcason@aegion.com or
1.800.325.1159.
Participants in SolicitationThe Company and its
directors, executive officers and certain employees, may be deemed,
under SEC rules, to be participants in the solicitation of proxies
in respect of the proposed transaction. Information regarding the
Company’s directors and executive officers is available in its
proxy statement filed with the SEC on March 6, 2020. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the proxy
statement and other relevant materials to be filed with the SEC
(when they become available). These documents can be obtained free
of charge from the sources indicated above.
For more information, contact:Aegion
Corporation Katie CasonSenior Vice President, Strategy and
Communications636-530-8000 kcason@aegion.com
Aegion (NASDAQ:AEGN)
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