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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.895+0.8%11:24 AM EST
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To: Michael Anthony who wrote (1684)2/13/1998 1:51:00 AM
From: Peter H. Mack  Read Replies (1) of 2841
 
This was on the Yahoo board..

Friday, February 13, 1998

Dominion Bridge's future remains cloudy

By ROBERT GIBBENS
For The Financial Post
MONTREAL - The future of embattled Dominion Bridge Corp. was again in doubt late yesterday. Both Dominion and Houston-based American Eco Corp. had promised statements on the outcome of the U.S. construction
group's bid worth US$93 million for all Dominion's shares, which expired at 5 p.m. local time.
The American Eco bid had been recommended by Dominion's board and its U.S. financial advisers. But Olivier DesprŠs, Dominion's vice-president and legal counsel, said last night although American Eco had come up with an initial US$5-million cash injection, "it could not meet certain other conditions." He would not disclose what they were.
He said the American Eco bid "cannot go forward as it stands ... we agreed to keep other bidders waiting at the door for a week and now we'll consider alternatives."
No comment was immediately available from American Eco president Michael McGinnis in Houston nor from vice-chairman John Pennie in Toronto.
But a spokesman for Roxco Ltd., another U.S. construction company, said in Jackson, Miss., its earlier bid for Dominion "could be revived."
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