U.S. Concrete has announced it has the closing of the previously announced arrangement, pursuant to which it has acquired all of the issued and outstanding common shares of Polaris.
Under the terms of the Arrangement, all of the issued and outstanding common shares of Polaris were acquired by U.S. Concrete in exchange for consideration of C$3.40 per share in cash by way of a statutory plan of arrangement. Upon closing of the Arrangement, U.S. Concrete paid an aggregate of approximately C$300.7 million to former Polaris shareholders. In addition, option holders and holders of deferred share units were paid an aggregate of approximately C$8.4 million pursuant to the Arrangement. U.S. Concrete now owns 100% of the outstanding shares of Polaris, through a wholly-owned subsidiary.
"We are extremely excited to close the acquisition of Polaris. This acquisition will enable us to self-supply a majority of our current Northern California aggregate requirements and to further expand our footprint into other supply constrained markets along the West Coast, including Southern California," commented U.S. Concrete's President, CEO and Vice Chairman, William J. Sandbrook. "The addition of Polaris to the U.S. Concrete family is further evidence of our commitment to increased vertical integration into aggregates to capitalize on attractive long-term growth opportunities for our shareholders. We look forward to working with our First Nations partners in the Orca Quarry, the Kwakiutl Band and 'Namgis First Nation, as the strength of those relationships are a vital part of the success of the business, today and for the future."
The Polaris common shares are expected to be delisted from the Toronto Stock Exchange (the "TSX") on or about November 20, 2017.
Full details of the Arrangement and certain other matters are set out in the management information circular of Polaris dated October 10, 2017. Registered Polaris shareholders should send their completed and executed letters of transmittal and Polaris share certificates to the depositary, Computershare Investor Services Inc., as soon as possible in order to receive the consideration to which they are entitled to under the Plan of Arrangement. A copy of the Information Circular, the letter of transmittal and the early warning report filed by U.S. Concrete in connection with the acquisition of the Polaris common shares can be found under Polaris' profile on SEDAR at www.sedar.com or by contacting U.S. Concrete .
