2158436 Ontario Limited

February 27, 2008 10:25 ET

2158436 Ontario Limited Announces Acquisition of Teknion Corporation

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - 2158436 Ontario Limited ("2158436"), a wholly-owned subsidiary of Teknion Corporation's ("Teknion") controlling shareholder, A-Tean Holdings Limited ("A-Tean"), today announced that it had acquired ownership and control of all of the subordinate voting shares of Teknion not owned by A-Tean and its affiliated entities for a price of $3.15 cash per share (the "Transaction"). The Transaction resulted in the acquisition by 2158436 of 24,180,981 subordinate voting shares, representing approximately 99.7% of Teknion's outstanding subordinate voting shares. Together with A-Tean and its affiliated entities (which currently own, in the aggregate, 39,919,846 multiple voting shares of Teknion and 61,014 subordinate voting shares), 2158436 and its affiliates own all of Teknion's issued and outstanding shares.

Prior to the acquisition, 2158436 had entered into lock-up agreements with certain shareholders to support the Transaction. These lock-up agreements reflected support for the Transaction representing 10,391,971 subordinate voting shares of Teknion or approximately 43.1% of the subordinate voting shares of Teknion not then owned by A-Tean and its affiliated entities.

The Transaction was effected pursuant to a statutory plan of arrangement under Section 182 of the Business Corporations Act (Ontario). In connection with the arrangement, Teknion, A-Tean and 2158436 had previously entered into an arrangement agreement dated January 22, 2008.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.

Contact Information

  • 2158436 Ontario Limited
    1150 Flint Road
    Toronto, Ontario
    M3J 2J5