Intertape Polymer Group Inc (IPG) is to be acquired by an affiliate of Clearlake Capital Group for CAD40.50 per share in an all-cash transaction valued at approximately USD2.6 billion, including net debt.
This represents a premium of approximately 82 per cent to the closing price of IPG common shares on the Toronto Stock Exchange on 7 March, 2022 and approximately 66 per cent to the volume weighted average trading price of IPG common shares on the Toronto Stock Exchange for the preceding 30 trading days.
Upon completion of the transaction, IPG will become a privately held company.
The IPG Board of Directors, having received the unanimous affirmative recommendation of a special committee of independent directors, has unanimously determined that the transaction is in the best interests of IPG and fair to IPG shareholders, and recommends that IPG shareholders approve the transaction. Clearlake has entered into voting support agreements with each of the directors of IPG, under which each has agreed to vote all of his or her IPG common shares in favor of the transaction with Clearlake.
