BFC recommends Armbro takeover plan
TORONTO (Dec. 20, 1999) — BFC Construction Corp. has recommended a revised takeover offer from Armbro Enterprises Inc. that will pay BFC shareholders $13 per share, including a special dividend, the two companies said in a joint statement.
Armbro, a Brampton, Ont.-based road construction and transportation company, previously bid $12.25 a share without any agreement over a dividend payment. The latest offer is still for $12.25 a share, which values BFC at C$104 million. But BFC, which specializes in civil, pipeline, utility, and industrial building construction, has also agreed to pay a special dividend of 75 cents a share, the companies said.
Under the agreement, Toronto-based BFC will pay Armbro a $3 million fee if another company acquires BFC.
BFC’s largest shareholder is Calgary-based Trimac Corp. Trimac has a 22.5-percent stake in BFC.
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