MONTREAL, April 10, 2012 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) has been notified of an unsolicited "mini-tender" offer, made by TRC Capital Corporation ("TRC Capital") on March 29, 2012, to purchase up to 2,000,000, or approximately 1.32%, of SNC-Lavalin's common shares at a price of CDN $38.00 per share. SNC-Lavalin does not recommend or endorse this unsolicited mini-tender offer.
Shareholders are cautioned that the mini-tender offer has been made at a 4.74% discount to the closing price for SNC-Lavalin's common shares on the Toronto Stock Exchange on March 28,2012, being the day before the mini-tender offer was announced.
The Company does not endorse TRC Capital's unsolicited mini-tender offer and is not associated with TRC Capital, the mini-tender offer or the mini-tender offer documentation. TRC Capital has made numerous similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers are designed to seek less than 5% of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements applicable to most bids under Canadian securities legislation.
The Canadian Securities Administrators ("CSA") have expressed serious concerns about mini-tender offers such as the possibility that investors might tender to a mini-tender offer based upon a misunderstanding of the terms of the offer, including the per security price available under the offer relative to the market price of such securities. Comments from the CSA on mini-tenders can be found on the Ontario Securities Commission website at: http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp. The U.S. Securities and Exchange Commission has also published investor tips regarding mini-tender offers on its website at: http://www.sec.gov/investor/pubs/minitend.htm.
According to TRC Capital's current mini-tender offer documents, SNC-Lavalin shareholders who have already tendered their shares may withdraw their shares at any time before 5:00 p.m. (Toronto time) on April 26, 2012, by following the procedures described in the offer documents.
SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 40 other countries around the world, and is currently working in some 100 countries. www.snclavalin.com.
Vice-President, Global Corporate Communications
SNC-Lavalin Group Inc.
514-390-8000, ext. 7354
Vice-President, Investor Relations
SNC-Lavalin Group Inc.
514-390-8000, ext. 7553