NYSEAM:ITP - Post by User
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Betteryear2on Mar 08, 2022 7:17am
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Enters into Arrangement Agreement to be Acquired TSX:ITP
Enters into Arrangement Agreement to be Acquired TSX:ITP - IPG shareholders to receive CDN$40.50 per share in cash
- Transaction provides immediate liquidity and certainty of value to IPG shareholders at a substantial premium of approximately 66% to the 30-day volume weighted average trading price
MONTREAL and SARASOTA, Fla. and SANTA MONICA, Calif., March 08, 2022 (GLOBE NEWSWIRE) -- Intertape Polymer Group Inc. (TSX:ITP) (“IPG”, or the “Company”) today announced that it has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”). Under the terms of the agreement, Clearlake will acquire the outstanding shares of IPG for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. This represents a premium of approximately 82% to the closing price of IPG common shares on the Toronto Stock Exchange on March 7, 2022 and approximately 66% to the volume weighted average trading price of IPG common shares on the Toronto Stock Exchange for the preceding 30 trading days. Upon completion of the transaction, IPG will become a privately held company.
Intertape Polymer Group Inc. (“IPG”) Enters into Arrangement Agreement to be Acquired by Clearlake Capital Group, L.P. in a US$2.6 Billion Transaction