Magellan Aerospace Corporation Announces acceptance of the take-over bid Haley Industries Ltd. Shareholders
TORONTO, Sept. 3 /CNW/ – Magellan Aerospace Corporation (“Magellan”)
announces that approximately 8,278,718 common shares (“Haley Shares”) of Haley
Industries Limited (“Haley”), representing 78.3% of the issued and outstanding
Haley Shares have been deposited in acceptance of Magellan Aerospace Limited’s
(“MAL”) Offer dated July 16, 2002 as extended and varied on September 3, 2002
to acquire all of the issued and outstanding common shares of Haley. Of the
Haley Shares tendered 1,331,818 elected to receive common shares of Magellan
and 6,946,899 elected to receive cash. 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 taken-up and paid for all Haley Shares deposited in
acceptance of the Offer and extended the period of time during which the
remaining Haley Shares may be deposited until 5:00 p.m. (Toronto time) on
Monday, September 16, 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; John B.
Dekker, Vice President Finance & Corporate Secretary, (905) 677-1889 ext. 224,
www.magellanaserospace.com/