April 4th, 2022
Intertape Polymer Group Inc. of Montreal will hold an Annual and Special Meeting on May 11, 2022. The Special Meeting is to approve takeover by 1351693 B.C. Ltd., an affiliate of Clearlake Capital Group, L.P. IPG shareholders will receive $40.50 per share in cash under the terms of the deal, which IPG says represents a premium of approximately 66 percent to the company's 30-day volume weighted average trading price prior to the date of announcement of the transaction.
Under the terms of the Arrangement, the purchaser will acquire all outstanding common shares of IPG. Subject to shareholders’ approval, the final approval of the arrangement by the court and the satisfaction of the remaining closing conditions, including the receipt of certain regulatory approvals (with the condition with respect to Competition Act Canada clearance having been fulfilled on March 28, 2022), the arrangement is expected to close early in the third quarter of 2022. IPG's board of directors has unanimously determined the arrangement is in the best interests of IPG and is fair to shareholders.
On March 29, 2022, the Superior Court of Québec (the “Court”) granted an interim order in respect of the Arrangement (the “Interim Order”). The Interim Order authorizes IPG to proceed with various matters relating to the Arrangement, including the holding of the Meeting for Shareholders to consider and vote on the Arrangement.
The company will be holding the meeting in a hybrid format with a physical location at the Fairmont Royal York, 100 Front St West, Toronto, and the ability to participate virtually, via live webcast at https://web.lumiagm.com/488452910.
Intertape Polymer Group Inc. is a major developer and manufacturer of a variety of paper and film-based pressure-sensitive and water-activated tapes, shrink and stretch films, protective packaging, woven and non-woven products and packaging machinery for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, it employs approximately 4,100 employees with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe.