The transaction will be effected by means of a court approved plan of arrangement. Under the terms of the arrangement, shareholders of Flexpipe will receive a cash payment of C$7.75 per share of Flexpipe.
Holders of options or warrants to acquire shares of Flexpipe, which are not exercised prior to the effective date of the plan of arrangement, will receive a cash payment equal to the difference between C$7.75 and the exercise price of the option or warrant.
Bill Buckley, president and CEO of ShawCor, said: The management and employees of Flexpipe have done a great job establishing a leadership position in the Canadian market for flexible composite pipe for oil and gas gathering systems, water injection lines and other applications. The combination with ShawCor will accelerate Flexpipe’s recent entry into the US and into other selected international markets.
