Chemtrade Logistics Income Fund, at the request of the Investment Industry Regulatory Organization of Canada (IIROC), confirms that it is in discussions with Canexus Corp. regarding a potential acquisition by an indirect wholly-owned subsidiary of the Fund, of all of the issued and outstanding common shares of Canexus (the Common Shares) at a price of US$1.65 per Common Share.
An announcement of a transaction is subject to, among other things, the negotiation and execution of a definitive transaction agreement and voting support agreements and approval by the boards of each of Chemtrade and Canexus.
Chemtrade indicated in a media release that there can be no assurance that any transaction will result from these discussions. The company has no intention of providing any further updates with respect to its ongoing discussions with Canexus, except as may be required by law.
Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulfuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulfur, sodium chlorate, liquid sulfur dioxide, potassium chloride, and zinc oxide. Additionally, it provides industrial services such as processing byproducts and waste streams.