MKU Limited

December 18, 2016 17:33 ET

MKU Limited disappointed with Pacific Safety Products inc.'s board decision rejecting its offer of $0.25 per share

KANPUR, INDIA--(Marketwired - Dec. 18, 2016) - MKU Limited ("MKU"), one of the largest global manufacturers and suppliers of armoured solutions for the defence sector, announces that it is disappointed with the announcement by Pacific Safety Products Inc. ("PSP") that PSP's Board of Directors has concluded that the offer from MKU to acquire all of the outstanding common shares of PSP for $0.25 in cash per share (the "MKU Offer") did not constitute a "Superior Proposal" as defined in the arrangement agreement between PSP and Med-Eng Holdings ULC, a Canadian wholly-owned subsidiary of Safariland, LLC, announced on November 10, 2016.

While MKU respects the process undertaken by the Board of Directors of PSP, we disagree with the ultimate determination that the MKU Offer was not a "Superior proposal". MKU has worked diligently to provide the Board of Directors of PSP with the information requested and we are confident in our ability to finance a transaction such as the one contemplated by the MKU Offer. Indeed, and in an effort to demonstrate its good faith and provide comfort to the Board of Directors of PSP, MKU has submitted support letters from credible financing sources, in addition to offering a $2.8M non-refundable deposit should MKU not deliver on its obligations.

MKU wishes to reiterate its commitment to entering into a negotiated transaction with PSP should the Board of Directors of PSP revise their decision or if shareholders ultimately do not vote in favour of the current transaction with Safariland, LLC.

About MKU Limited: MKU Limited is one of the largest global manufacturers and suppliers of armoured solutions for the defence sector. Headquartered in India, MKU specializes in providing customized solutions in ballistic protection to its customers spread across more than 100 countries. Its products are used and trusted by more than 230 armed and police forces across the world. MKU has been a pioneer in the industry for more than 3 decades, and provides a wide range of products - helmets, ballistic over-vests, ballistic shields, anti-mining suits, bomb blankets, platform protection products (for land, airborne and naval systems), as well as electro-optical devices.

Contact Information

  • On behalf of MKU Limited
    Kosta Kostic, McMillan LLP, Legal Counsel
    (514) 987-5025