October 6th, 2015
The Valence Group is acting as financial adviser to the Board of Directors of Canexus Corporation (TSX: CUS) on its business combination with Superior Plus Corporation (TSX: SPB), pursuant to which Superior has agreed to acquire all of the issued and outstanding common shares of Canexus (“Canexus Shares”) for a value at announcement of approximately C$1.70 per Canexus Share (the “Transaction), payable in common shares of Superior (“Superior Shares”). Pursuant to the Arrangement Agreement, Canexus shareholders will receive 0.153 (the “Exchange Ratio”) of a Superior Share for each Canexus Share, representing the equivalent of C$1.70 per Canexus Share on the 20-day volume weighted-average-price (“VWAP”) of Superior Shares. This represents a premium of 36.5% based on the 20-day VWAP of the Superior Shares and the Canexus Shares on The Toronto Stock Exchange (“TSX”) as of October 5, 2015 and a premium of 47.6% based on the closing prices of the Superior Shares and the Canexus Shares on the TSX on October 5, 2015.
The Valence Group has also provided a fairness opinion to the Board of Directors of Canexus in connection with the Transaction.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper, water treatment and oil & gas industries. Canexus securities trade on the Toronto Stock Exchange.
About The Valence Group
The Valence Group is a specialist investment bank offering M&A advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The Valence Group team includes a unique combination of professionals with backgrounds in investment banking and strategic consulting within the chemicals and materials industries, all focused exclusively on providing M&A advisory services to the chemicals and materials sector. The firm’s offices are located in New York and London.