Shareholders of IPL Plastics, a Montreal-based sustainable packaging solutions provider, have agreed to the company’s sale to Intelligent Packaging Limited Purchaser, an entity controlled by Madison Dearborn Partners. The deal, announced in July at an enterprise value of C$981 million, was approved by 99.95 percent of the shares voted. It is expected to close in October.
IPL Plastics Inc. Announces Voting Results from Special Meeting of Shareholders
MONTREAL, Sept. 28, 2020 (GLOBE NEWSWIRE) — IPL Plastics Inc. (“IPLP” or the “Company”) (TSX: IPLP) today announced the positive outcome of the shareholder (“Shareholders”) vote at today’s special meeting of the Shareholders (the “Meeting”) regarding the previously announced plan of arrangement (the “Arrangement”) pursuant to which Intelligent Packaging Limited Purchaser Inc. (the “Purchaser”), an entity controlled by certain funds managed by Madison Dearborn Partners, LLC (“MDP”), will acquire all of the outstanding shares of the Company (the “Shares”) for C$10.00 in cash per share.
Approximately 99.95% of the Shares voted at the Meeting were voted in favour of the special resolution approving the Arrangement (99.93% of the Shares voted in favour of the Arrangement, excluding Shares required to be excluded pursuant to Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions). Details of the voting results will be filed under the Company’s profile on SEDAR at www.sedar.com.
The Company will apply for a final order of the Superior Court of Québec on September 29, 2020. Closing of the transaction remains subject to certain customary closing conditions including court approval. Assuming the satisfaction of these closing conditions, the transaction is expected to close by mid October 2020.
Shareholders who have questions or require assistance with submitting their Shares to the Arrangement may direct their questions to D.F. King, who is acting as the Company’s proxy solicitation agent, by telephone in North America at (800) 926-4985, outside of North America at (416) 682-3825 (collect), in Ireland at 353 76 670 1238 or by email at email@example.com. Further information after submitting your Shares to the Arrangement including with respect to completing the applicable letter of transmittal, may be addressed to Computershare Trust Company of Canada, who will act as depositary under the Arrangement, at 1-800-564-6253 (for Shareholders in Canada and in the United States) or at 1-514-982-7555 (for Shareholders outside Canada and the United States).
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistics and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, Belgium, China and Mexico. IPLP employs approximately 2,000 people and has corporate offices in Montreal and Dublin. For more information, please visit the Company’s website at www.iplglobal.com.
Investor Enquiries Contact
Paul Meade, Head of investor relations, +353 87 0655368