Board of Directors at American Atlantic Company recommends Weeks Marine merger dealCompany News // July 18, 2011
American Atlantic Company has received a revised acquisition proposal from Great Lakes Dredge & Dock Corporation for the company in consideration of US$38,000,000 plus a future payment equal to 25 per cent of the net monetary recovery, if any, in a certain pending litigation involving the company.
The company further announced the receipt of a counterproposal from Weeks Marine to acquire the company for US$38,500,000 substantially pursuant to the terms of the current agreement and plan of merger between Weeks and the company, dated June 17, 2011 and documents ancillary thereto, which documents were the subject of proxy materials mailed to the shareholders of the company on June 20, 2011.
The merger agreement and the transactions contemplated thereby were previously approved by the Board of Directors of the company and recommended to the shareholders of the company.
The Board, having reviewed and considered the terms and conditions of the GLDD proposal and Weeks counterproposal, reaffirmed its recommendation to the shareholders of the acquisition by Weeks pursuant to the Weeks merger agreement, as amended by the terms of the Weeks counterproposal.
Further, the board, having previously postponed the July 8, 2011 Special Meeting of Shareholders of the Company, has rescheduled such meeting for July 25, 2011.
Supplemental proxy materials will be mailed to the shareholders of record as of June 16, 2011 in short order. Any shareholder wishing to receive proxy materials via e-mail should contact Barry L. Doney at (610) 768-8020.