April 03, 2017 07:30 ET
TORONTO, ONTARIO--(Marketwired - April 3, 2017) - CHC Student Housing Corp. ("CHC" or the "Company") (TSX VENTURE:CHC) announced today that the arrangement agreement with Dundee Acquisition Ltd. ("DAQ") in respect of the proposed business combination between CHC and DAQ has been terminated.
As previously announced, DAQ received redemption deposits in connection with the proposed transaction of approximately 10.77 million Class A Restricted Voting Shares, with the result that the targeted minimum cash amount of $87.3 million required for DAQ to complete the transaction as its proposed qualifying acquisition under the special purpose acquisition corporation rules of the Toronto Stock Exchange would not be satisfied. Following a review of strategic alternatives for the transaction by the parties, no alternative transaction has emerged and the arrangement agreement has been terminated.
Given the termination of the proposed transaction with DAQ, CHC is currently conducting a review of its strategic alternatives and will provide further details with respect to this review as soon as it is able to do so.
About CHC Student Housing Corp.
CHC Student Housing Corp. is Canada's only publicly traded company offering high-quality purpose-built student housing properties strategically located on campus or in close proximity to universities and colleges providing students a safe and secure living environment, affordable prices and high-quality amenities. CHC is focused on acquiring, developing and managing student housing in primary and well understood secondary markets in Canada.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CHC Student Housing Corp.Mark HansenPresident and Chief Executive Officer(647) firstname.lastname@example.org
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