SOURCE: American Atlantic Company

July 15, 2011 19:13 ET

American Atlantic Company Reviews Alternative Acquisition Proposals, Reaffirms Its Recommendation in Favor of Acquisition by Weeks Marine, Inc. and Reschedules Its Previously Postponed Special Meeting of Shareholders to July 25, 2011

KING OF PRUSSIA, PA--(Marketwire - Jul 15, 2011) - American Atlantic Company (PINKSHEETS: AMRL) (Company) announced today the receipt of a revised acquisition proposal from Great Lakes Dredge & Dock Corporation (GLDD Proposal) for the Company in consideration of $38,000,000 plus a future payment equal to 25% of the net monetary recovery, if any, in a certain pending litigation involving the Company.

The Company further announced the receipt of a counterproposal from Weeks Marine, Inc. (Weeks Counterproposal) to acquire the Company for $38,500,000 substantially pursuant to the terms of the current Agreement and Plan of Merger between Weeks and the Company, dated June 17, 2011 (Weeks Merger Agreement) and documents ancillary thereto, which documents were the subject of proxy materials mailed to the shareholders of the Company on June 20, 2011. The Weeks Merger Agreement and the transactions contemplated thereby were previously approved by the Board of Directors (Board) of the Company and recommended to the shareholders of the Company.

Additionally, each of the GLDD Proposal and Weeks Counterproposal contained an advance of $2,600,000 that was otherwise payable to the shareholders of the Company no earlier than four years from the date of the closing of the transactions contemplated by the Weeks Merger Agreement.

The Board, having reviewed and considered the terms and conditions of the GLDD Proposal and Weeks Counterproposal, reaffirmed its recommendation to the shareholders of the Company of the acquisition by Weeks pursuant to the Weeks Merger Agreement, as amended by the terms of the Weeks Counterproposal. Further, the Board, having previously postponed the July 8, 2011 Special Meeting of Shareholders of the Company, has rescheduled such meeting for July 25, 2011.

Supplemental proxy materials will be mailed to the shareholders of record as of June 16, 2011 in short order. Any shareholder wishing to receive proxy materials via e-mail should contact Barry L. Doney at (610) 768-8020.

Contact Information

  • AMERICAN ATLANTIC COMPANY
    1060 FIRST AVENUE
    SUITE 400
    KING OF PRUSSIA, PA 19406

    (610) 768-8020