Browse > Home / Aeronautics News / Eurocopter to acquire Vector Aerospace Corporation – thus becoming a global player in Aerospace Support and Services

Eurocopter to acquire Vector Aerospace Corporation – thus becoming a global player in Aerospace Support and Services

Written by thomas · Filed Under Aeronautics News 

March 28, 2011

thomas

Leiden, The Netherlands and Toronto, Canada – March 28th, 2011

Eurocopter Holding, a subsidiary of EADS (EUR:EAD) and Vector Aerospace Corporation (TSX:RNO), a Canadian company listed on the Toronto Stock Exchange, have entered into a Support Agreement pursuant to which Eurocopter Holding will acquire all of the issued and outstanding common shares of Vector Aerospace by way of a take-over bid for consideration of C$13 in cash per Common Share (the Offer).

The Offer values Vector Aerospace equity at approximately C$625 million. Net debt was approximately C$3.1 million as at December 31st, 2010. The Offer price of C$13 per Common Share represents a premium of approximately 15% over the March 25th, 2011 closing price of the Common Shares on the TSX and a premium of approximately 80% over the closing price of the Common Shares on the TSX on December 2nd, 2010, being the last trading day before Vector Aerospace publicly announced that it was reviewing strategic alternatives to enhance shareholder value.

The Board of Directors of Vector Aerospace, after receiving the recommendation of the Special Committee, has unanimously approved the Offer and has determined that it is in the best interests of Vector Aerospace for the Offer to be made. Scotia Capital, exclusive advisor to Vector Aerospace’s Special Committee of Independent Directors, has provided the Board of Directors with a fairness opinion indicating that the consideration to be received by Vector Aerospace shareholders is fair from a financial point of view. In addition, shareholders holding approximately 60% of the issued and outstanding Common Shares have entered into irrevocable lock-up agreements with Eurocopter Holding under which they have agreed to tender their Common Shares to the Offer.

» Próximo Post - EADS planifica extender sus operaciones
« Post Aneterior - LAN cancela ruta Santiago – Toronto

Comments

¿Tiene algo que decir?

You must be logged in to post a comment.