SOURCE: American Atlantic Company

July 09, 2011 15:49 ET

American Atlantic Company Announces Increase of Acquisition Proposal by Weeks Marine, Inc. to $33,300,000

KING OF PRUSSIA, PA--(Marketwire - Jul 9, 2011) - American Atlantic Company (PINKSHEETS: AMRL) (Company) announced today the receipt of a proposal from Weeks Marine, Inc. (Weeks) regarding that certain Agreement and Plan of Merger between Weeks and the Company, dated June 17, 2011 (Weeks Merger Agreement), which was the subject of proxy materials mailed to the shareholders of the Company on June 20, 2011.

Pursuant to the Weeks Merger Agreement, upon receipt of the requisite approval of the shareholders, the Company would be acquired by Weeks for $30,000,000, subject to certain adjustments set forth therein. A special meeting of the shareholders (Special Meeting) was to take place on July 8, 2011. However, prior to the Special Meeting the Company received an acquisition proposal from a third party (Alternate Acquisition Proposal), and in response, on July 8, 2011, the Company announced the postponement of the Special Meeting to a date to be later announced in order to provide the Company's Board of Directors with time and opportunity to evaluate the Alternate Acquisition Proposal.

Today, Weeks advised the Company that it will increase the merger consideration set forth in the Weeks Merger Agreement to $33,300,000, subject to the adjustments set forth therein. This exceeds the monetary consideration set forth in the Alternate Acquisition Proposal by $300,000. All other terms of the Weeks Merger Agreement would remain unchanged. The Company's Board of Directors is in the process of reviewing this proposal as well as the Alternate Acquisition Proposal, and will consider any further proposals that may be presented to the Company in a timely fashion.

Contact Information

  • AMERICAN ATLANTIC COMPANY
    1060 FIRST AVENUE
    SUITE 400
    KING OF PRUSSIA, PA 19406
    (610) 768-8020