Magellan Aerospace Corporation announces acceptance of the take-over bid by Haley Industries Limited Shareholders
TORONTO, Sept. 16 /CNW/ – Magellan Aerospace Corporation (“Magellan”)
announces that an additional 74,414 common shares (“Haley Shares”) of Haley
Industries Limited (“Haley”) have been deposited in acceptance of Magellan
Aerospace Limited’s (“MAL”) Offer dated July 16, 2002, as extended, to acquire
all of the issued and outstanding common shares of Haley. Of the additional
Haley Shares tendered 61,734 elected to receive common shares of Magellan and
12,680 elected to receive cash. MAL now holds approximately 79% of the issued
and outstanding Haley Shares. The Offer, as varied, was made on the basis of
0.45 of a common share of Magellan or $2.16 (Canadian) cash for each common
share of Haley, at the election of each holder of Haley Shares.
Magellan has extended the period of time during which the remaining Haley
Shares may be deposited until 5:00 p.m. (Toronto time) on Monday, September
30, 2002. A Notice of Extension will be mailed to all registered holders of
Haley Shares and intermediaries.
Magellan Aerospace Corporation is one of the world’s most integrated and
comprehensive aerospace industry suppliers. Magellan designs, engineers, and
manufactures aeroengine and aerostructure components for aerospace markets,
advanced products for military and space markets, and complementary specialty
products. Magellan is a public company whose shares trade on the Toronto Stock
Exchange (T: MAL), with operating units throughout the United States and
Canada.
For further information: Magellan Aerospace Corporation: Richard A.
Neill, President & Chief Operating Officer, (905) 677-1889 ext. 230;
Magellan Aerospace Corporation: John B. Dekker, Vice President Finance &
Corporate Secretary, (905) 677-1889 ext. 224, www.magellanaerospace.com/