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| Aecon to buy Lockerbie & Hole Toronto-based Aecon Group Inc. and Edmonton-based mechanical construction contractors Lockerbie & Hole Inc., a company hurt by reduced capital spending in the northern Alberta oilsands sector, have entered into an agreement which contemplates that Aecon, one of Canada's largest publicly traded construction and infrastructure development companies, will acquire all of the issued and outstanding common shares of Lockerbie for total consideration, of approximately $220 million. Lockerbie shareholders will receive $8.00 in value for each Lockerbie common share. The transaction represents a 30% premium to Lockerbie's closing trading price of $6.15 on January 30, 2009, the last day of trading prior to announcement of the transaction, and a 33% premium over the volume-weighted average trading price of the shares over the last 20 trading days. The combined company will employ approximately 9,000 people during peak construction. write your comments about the article :: © 2009 Construction News :: home page |