Canexus sold to Chemtrade

The Valence Group has advised Canexus Corporation (TSX: CUS) on its sale to Chemtrade Logistics Income Fund (TSE: CHE.UN) for cash consideration of C$1.65 per common share, equivalent to an enterprise value of approximately C$900 million.

The transaction, which has been unanimously approved by the Canexus Board of Directors, is structured as a Plan of Arrangement and is subject to regulatory and shareholder approval, as well as other customary closing conditions. Canexus is recommending shareholders vote in favor of the transaction and closing is expected before the end of April 2017.

The Valence Group also provided a fairness opinion to the Board of Directors of Canexus.