Aegion (AEGN) Confirms Receipt of Unsolicited Acquisition Proposal

March 12, 2021 10:31 AM EST
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Aegion (NASDAQ: AEGN) today confirmed that it has received an unsolicited non-binding proposal (the “Proposal”) from another party to acquire Aegion, subject to certain conditions, including due diligence.

The Company previously announced on February 16, 2021, that it had entered into a definitive merger agreement (the “Pending Merger Agreement”) to be acquired by affiliates of New Mountain Capital, L.L.C. (“New Mountain”), for $26.00 per share in cash, or a total enterprise value of approximately $963 million.

In accordance with the terms of the Pending Merger Agreement and as part of its fiduciary duty, Aegion’s Board of Directors is evaluating the Proposal in consultation with its independent financial and legal advisors and will pursue the course of action that the Board of Directors believes is in the best interest of Aegion and its stockholders. Aegion’s Board of Directors has not made any determination as to whether the Proposal constitutes or could reasonably be expected to result in a “superior proposal” under the terms of the Pending Merger Agreement. There can be no assurance that any transaction or definitive agreement will result from this Proposal.

AdvisorsCenterview Partners LLC is serving as exclusive financial advisor to Aegion, and Shearman & Sterling is serving as legal counsel.

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