Global Receives Competing Proposal
Monday July 14, 8:51 am ET
TSX STOCK SYMBOL: GLE Web site:www.globalte.com
CALGARY, July 14 /CNW/ - Global Thermoelectric Inc. ("Global") announced today that it has received an unsolicited competing proposal that the Board of Directors of Global has determined to be a "superior proposal" under the terms of the Combination Agreement relating to the transaction previously announced with Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum"). Global intends to commence negotiations with the party making the proposal once a confidentiality agreement is executed. The competing proposal is subject to confirmatory due diligence, negotiation of definitive documentation and the full approval of the Global Board. Global can give no assurances that any transaction will result from these negotiations.
In addition, Global's Board of Directors, pursuant to a request by Quantum, has reconfirmed its previous advice to Global common shareholders in respect of the previously announced combination by way of a Plan of Arrangement under the Business Corporations Act (Alberta) with Quantum. The Global Board has reconfirmed its determination to submit the Plan of Arrangement to its common shareholders for their consideration and is not making a recommendation as to how common shareholders should vote. The Global Board has reconfirmed its advice to common shareholders to carefully consider the opportunity presented in the Arrangement and to review all of the information provided in the Joint Proxy Statement, and that common shareholders, having regard to their own personal circumstances and investment objectives, come to their own decision as to how to vote on the Arrangement.
Global will make a further announcement when either an agreement is entered into with respect to the competing proposal or discussions are discontinued.
Forward-looking statements:
This news release contains forward-looking statements about the Company, the development of its technologies and the establishment of its strategic business relationships. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "anticipates," "believes," "intends," "estimates," "projects" and similar expressions, or that events or conditions "will," "may," "could" or "should" occur. |
