SOURCE: Canexus Corporation

Canexus Corporation

June 27, 2016 16:43 ET

Canexus Announces FTC Legal Action to Prevent Closing of Proposed Business Combination With Superior Plus

Discussions to Extend Arrangement Agreement Ongoing

CALGARY, AB--(Marketwired - June 27, 2016) - Canexus Corporation (TSX: CUS) ("Canexus") announced today that the Federal Trade Commission ("FTC") has filed an administrative complaint charging that the proposed acquisition of Canexus by Superior Plus Corp. ("Superior") would violate U.S. antitrust laws. The FTC has authorized staff to seek in federal court a temporary restraining order and a preliminary injunction to prevent Superior from closing the deal pending the administrative proceeding.

Canexus and Superior are engaged in discussions to potentially extend the outside date of the arrangement agreement of June 29, 2016 to allow time for Superior to litigate the FTC action.

About Canexus

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus' common shares (CUS) and debentures Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.

Contact Information

  • Further Information:

    Dean R. Beacon
    Senior Vice President, Finance and CFO
    Canexus Corporation
    (403) 571-7300

    Robin Greschner
    Investor Relations
    Canexus Corporation
    (403) 571-7356