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TORONTO, Oct. 12, 2016 /CNW/ - INFOR Acquisition
Corp. (TSX: IAC.A, IAC.WT) ("IAC" or the "Company")
announced today that the arrangement agreement entered into by IAC,
Element Fleet Management Corp. (as successor to Element Financial
Corporation), 2510204 Ontario Inc. and ECN Capital Corp. ("ECN
Capital") as it relates to the IAC plan of arrangement has been
terminated by mutual agreement of the parties. IAC also
announced that it has cancelled the special meeting of shareholders
of the Company called to consider the proposed arrangement
contemplated thereby.
"We are pleased that the separation of Element Financial
Corporation into Element Fleet Management Corp. and ECN Capital has
been well received by the market. However, ECN Capital's common
shares are not currently trading at a price that would make the
arrangement compelling for the Company's shareholders given the
exchange ratio agreed to under the arrangement" said Neil Selfe, Chief Executive Officer of
IAC.
Management of IAC will continue to review alternative
transactions. Any announcement with respect to a potential
qualifying acquisition will only be made by the Company in
connection with the entering into of an agreement with respect to
such transaction.
About INFOR Acquisition Corp.
INFOR Acquisition Corp. is a special purpose acquisition
corporation incorporated under the laws of the Province of
Ontario for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization, or engaging in any other similar business
combination with one or more businesses or assets.
Visit INFOR Acquisition Corp. at
www.inforacquisitioncorp.com
About INFOR Financial Group Inc.
INFOR Financial Group Inc. ("INFOR Financial Group"), the
sponsor of INFOR Acquisition Corp., is a leading independent
merchant and investment bank based in Toronto. INFOR Financial Group provides
innovative, independent, forward thinking financial and strategic
advice to corporations, institutional investors, entrepreneurs and
government entities. INFOR Financial Group's asset management
division currently is focused on relationship investing and
structured private credit investments. INFOR Financial Inc.,
a wholly-owned subsidiary of INFOR Financial Group, is an
independent investment bank that offers advice on mergers and
acquisitions, capital raises, risk management, private funds as
well as corporate restructurings and derivative hedging strategies.
In 2015, INFOR Financial Inc. was ranked as the top independent
M&A advisor in Canada.
Visit INFOR Financial Group at www.inforfg.com
SOURCE INFOR Acquisition Corp.