TORONTO, ON / ACCESSWIRE / August 7, 2024 / Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) ("Park Lawn" or "PLC") today announced the receipt of the final order of the Ontario Superior Court of Justice (Commercial List) dated August 6, 2024 (the "Final Order") with respect to the previously-announced plan of arrangement transaction (the "Arrangement") involving Viridian Acquisition Inc. (the "Purchaser"), a wholly-owned subsidiary of Viridian Holdings LP, a limited partnership collectively owned by Homesteaders Life Company and certain funds, the general partner of which is Birch Hill Equity Partners Management Inc. The Final Order was the final substantive court approval required prior to closing of the Arrangement, which is anticipated to occur on or about August 9, 2024. Completion of the Arrangement remains subject to customary closing conditions.
Pursuant to the Arrangement, among other things, the Purchaser will acquire all of the issued and outstanding common shares of Park Lawn (the "Common Shares"),by way of a plan of arrangement under the provisions of the Business Corporations Act (Ontario), for cash consideration of $26.50 per Common Share. The Arrangement was overwhelmingly approved by Park Lawn shareholders at the special meeting of shareholders held on July 29, 2024.
Further details regarding the Arrangement are set out in the management information circular of Park Lawn dated June 27, 2024 (the "Circular"), the news release of Park Lawn dated June 3, 2024 and the arrangement agreement dated June 3, 2024 among Park Lawn, the Purchaser and Viridian Holdings LP, each of which are available under Park Lawn's SEDAR+ profile at www.sedarplus.ca.
About Park Lawn
PLC is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider. PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones. Products and services can be customized to meet the personal needs of the consumer and are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC operates in two Canadian provinces and seventeen U.S. states. For more information about Park Lawn Corporation, please visit our website at www.parklawncorp.com.
About Homesteaders
Homesteaders, a mutual insurance company based in West Des Moines, Iowa, is a national leader providing products and services to promote and support the funding of advance funeral planning and end-of-life expenses. Homesteaders is a trusted, reliable and secure source of end-of-life funding for thousands of funeral professionals and the families they serve.
About Birch Hill
Birch Hill is a Canadian mid-market private equity firm with a long history of driving growth in its portfolio companies and delivering returns to its investors. Based in Toronto, Birch Hill currently has $5 billion in capital under management. Since 1994, the firm has made 71 investments, with 57 fully realized. Today, Birch Hill's 14 partner companies collectively represent one of Canada's largest corporate entities with over $9 billion in total revenue and more than 30,000 employees.
Cautionary Note - Forward Looking Statements
Certain statements contained in this news release contain "forward-looking information" within the meaning of applicable securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "have potential" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking information and statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to a variety of risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Forward-looking information and statements include, but are not limited to, information and statements regarding the Arrangement, the timing and ability of Park Lawn to complete the Arrangement (if at all) and the timing and ability of Park Lawn to satisfy the conditions precedent to completing the Arrangement (if at all) as set forth in the arrangement agreement.
Although Park Lawn believes that the expectations reflected in such forward-looking information and statements are reasonable, such information and statements involve risks and uncertainties, and undue reliance should not be placed on such information and statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Park Lawn, and its management and board of directors, as of the date hereof. Park Lawn cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within its control, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by Park Lawn will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, Park Lawn, the current shareholders, or its future results and performance of Park Lawn. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this news release concerning the Arrangement, see the Circular available on SEDAR+ (www.sedarplus.ca) under Park Lawn's issuer profile.
Readers, therefore, should not place undue reliance on any such forward-looking statements. There can be no assurance that the Arrangement will be completed or that it will be completed on the terms and conditions contemplated in this news release. The Arrangement could be modified or terminated in accordance with its terms. Further, the forward-looking information and statements in this news release are based on beliefs and opinions of Park Lawn at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Park Lawn disavows and disclaims any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Park Lawn.
Contact Information:
Daniel Millett |
SOURCE: Park Lawn Corp