In a U.S. House subcommittee hearing, the ...
GLV continues to purchase shares of CWT on secondary market at maximum price equal to tender offer price
Management of GLV, Inc., announce the closing of the acquisition, by its indirect subsidiary Eimco Water Technologies GmbH, of 80.5% of the shares of Christ Water Technology AG (CWT) tendered by CWT shareholders into GLV's voluntary takeover bid during the tender period ended Nov. 17, 2009, for a cash consideration of $85 million (the transaction). In addition to shares of CWT acquired in the transaction, GLV continues to purchase shares of CWT on the secondary market at a maximum price equal to the tender offer price.
As of Nov. 27, 2009, the company owned 83.1% of CWT's Voting Shares. The transaction is partially financed by the $53.3 million gross proceeds from the issue of GLV Class A subordinate voting shares in exchange for the subscription receipts held by the Caisse de depot et placement du Quebec and the Solidarity Fund QFL (the fund) in relation to the transaction as announced Nov. 23, 2009. The transaction is also financed by the issuance of a $25 million subordinated debenture by GLV to the fund and by drawing on GLV's existing credit facility. CWT's net debt is estimated at approximately $48 million (net of CWT's estimated cash position), including approximately $80 million of bonds.
GLV is a provider of technological solutions used in water treatment as well as pulp and paper production. The Water Treatment Group comprises two business entities, Eimco Water Technologies and 83.1% owned subsidiary Christ Water Technology. It specializes in the design and international marketing of solutions and processes for the treatment, ultra-purification and recycling of municipal and industrial wastewater and water used in various industrial processes.