Dominion Bridge AndAmerican Eco Enter Into Exclusive Acquisition Discussions
February 9, 1998 11:08 AM
MONTREAL/TORONTO, CANADA--(BUSINESS WIRE)--Feb. 9, 1998-- Dominion Bridge Corporation DBCO and American Eco Corporation ECGOF , jointly announced that they have entered into exclusive negotiations for, among other things, (i) the private placement of USD$5.0 million of Dominion Bridge securities to American Eco; (ii) a USD$25.0 million interim credit facility from American Eco; and (iii) the acquisition of Dominion Bridge by American Eco. The exclusivity period expires at 5:00 p.m. Montreal time on Thursday, February 12th. The terms of their agreement will be announced once discussions are completed.
A spokesperson from Dominion Bridge said that the previously announced private placement of its securities to Sanda Investment Group has been put on hold pending the outcome of the discussions with American Eco.
Dominion Bridge was established in 1879. The company is active in the international engineering and infrastructure markets. It manages projects and operates facilities in North and South America, Europe and the Asia Pacific.
American Eco is a North American provider of single-source construction, management, maintenance, specialty fabrication, engineering and environmental remediation services in the refining, petrochemical, utility, forest products and offshore manufacturing industries. |
