Emco Limited entered into a Support Agreement on Feb. 20 with Blackfriars Corp., a privately held investment company , and 2022841 Ontario Inc., a wholly owned subsidiary of Blackfriars.
Emco Limited, a Canadian distributor and manufacturer of building products based in London, Ontario, entered into a Support Agreement on Feb. 20 with Blackfriars Corp., a privately held investment company with major interests in the manufacture and wholesale distribution of construction and maintenance material, and 2022841 Ontario Inc., a wholly owned subsidiary of Blackfriars. Pursuant to this agreement, 2022841 Ontario Inc. would make an offer to purchase all of the issued and outstanding common shares of Emco at a price of $11.04 (U.S.) per share in cash (for an aggregate value of about $189.5 million U.S.). The offer was expected to be mailed to shareholders shortly thereafter and be subject to customary conditions, including that at least 66-2/3% of the Emco common shares are tendered and that all necessary regulatory approvals are obtained.
Emco's board expressed unanimous support of the offer and recommended that shareholders accept it.