IBI Group Inc. Announces Closing of Plan of Arrangement
TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) — IBI Group Inc. (“IBI” or the “Company“), a globally integrated design and technology firm, is pleased to announce the closing of the previously announced plan of arrangement transaction pursuant to which, among other things, Arcadis N.V., through two wholly-owned subsidiaries, acquired all of the issued and outstanding common shares of the Company (“Common Shares“) and Class B units of IBI Group (“Class B Units“) for cash consideration of C$19.50 per Common Share or Class B Unit, as the case may be.
As a result of the completed transaction, the Common Shares are expected to be delisted from the Toronto Stock Exchange (the “TSX“) within three business days following closing.
About IBI Group Inc.
IBI Group Inc. is a technology-driven design firm with global architecture, engineering, planning, and technology expertise spanning more than 60 offices and 3,500 professionals around the world. For nearly 50 years, its dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. IBI believes that cities thrive when designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch. Follow IBI on LinkedIn and Twitter.
On July 18, 2022 Arcadis and IBI jointly announced that they had entered an agreement for Arcadis to acquire IBI. Read about the announcement here.
For additional information, please contact:
Stephen Taylor, CFO
IBI Group Inc.
55 St. Clair Avenue West
Toronto, ON M5V 2Y7
Certain information contained in this news release may contain forward looking statements within the meaning of applicable securities laws. The use of any of the words “continue”, “plan”, “propose”, “would”, “will”, “believe”, “expect”, “position”, “anticipate”, “improve”, “enhance” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the timing to de-list the Common Shares.
Forward-looking statements necessarily involve risks, including, without limitation, the possibility that the Common Shares will not be delisted from the TSX in accordance with the timing currently contemplated, and that the Common Shares may not be delisted at all, due to a failure to satisfy, in a timely manner or otherwise, conditions necessary to delist the Common Shares from the TSX or for other reasons.
Events or circumstances may cause actual results to differ materially from those predicted, as a result of the risk factors set out and other known and unknown risks, uncertainties, and other factors, many of which are beyond the control of IBI. In addition, forward looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect and which have been used to develop such statements and information in order to provide stakeholders with a more complete perspective on IBI’s future operations. Such information may prove to be incorrect and readers are cautioned that the information may not be appropriate for other purposes. Although the Company believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing factors and assumptions are not exhaustive of all factors and assumptions which have been used. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Furthermore, the forward looking statements contained herein are made as at the date hereof and IBI does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.