LP and Ainsworth Agree to Extend Outside Date for Completion of Previously Announced Plan of Arrangement
April 18 2014 - 11:00AM
Marketwired
LP and Ainsworth Agree to Extend Outside Date for Completion of
Previously Announced Plan of Arrangement
NASHVILLE, TENNESSEE and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Apr 18, 2014) - Louisiana-Pacific
Corporation (NYSE:LPX) ("LP") and Ainsworth Lumber Co. Ltd.
(TSX:ANS) ("Ainsworth") announced today that they have agreed to
extend the outside date for completion of the previously announced
plan of arrangement (the "Arrangement") under the Business
Corporations Act (British Columbia) involving the proposed
acquisition by LP of all the outstanding common shares of
Ainsworth, from April 18 to June 2, 2014.
The extension comes as a result of continued discussions with
each of the Canadian Competition Bureau (the "CCB") and the
Antitrust Division of the U.S. Department of Justice (the "DOJ") as
both Ainsworth and LP continue to work with the CCB and the DOJ as
they conduct their reviews. The Arrangement agreement permits
either party to further extend the outside date for an additional
45 day period if required to obtain certain regulatory
approvals.
The closing of the Arrangement remains subject to a number of
conditions, including the expiration or termination of the waiting
period under the HSR Act and the receipt of other regulatory
approvals and clearances including under the Canadian Competition
Act.
Further information about the Arrangement is set out in
Ainsworth's management proxy circular dated September 24, 2013,
which is available under Ainsworth's profile on www.sedar.com and
under LP's profile at www.sec.gov.
Cautionary Statement Regarding Forward-Looking Information
Forward-looking information provided in this news release
relating to Ainsworth's and LP's expectations regarding the
completion of the Arrangement and Ainsworth's and LP's future
prospects and financial position are forward-looking information
pursuant to National Instrument 51-102 promulgated by the Canadian
Securities Administrators and the Private Securities Litigation
Reform Act of 1995. Ainsworth and LP believe that expectations
reflected in such information are reasonable, but no assurance is
given that such expectations will be correct. Forward-looking
information is based on Ainsworth's and LP's beliefs and
assumptions based on information available at the time the
assumptions were made and on their managements' experience and
perceptions of historical trends, current conditions and expected
further developments as well as other factors deemed appropriate in
the circumstances. Investors are cautioned that there are risks and
uncertainties related to such forward-looking information
(including the satisfaction of closing conditions for the
Arrangement) and actual results may vary. Important factors that
could cause actual results to differ materially from those
expressed or implied by such forward looking information include,
without limitation, factors detailed from time to time in
Ainsworth's or LP's periodic reports filed with the Canadian
Securities Administrators, the U.S. Securities and Exchange
Commission or other regulatory authorities. The forward-looking
information is made as of the date of this news release and neither
Ainsworth nor LP assumes any obligation to update or revise them to
reflect new events or circumstances, except as explicitly required
by applicable securities laws.
About Ainsworth
Ainsworth Lumber Co. Ltd. is a leading manufacturer and marketer
of oriented strand board ("OSB") with a focus on value-added
specialty products for markets in North America and Asia.
Ainsworth's four OSB manufacturing facilities, located in Alberta,
British Columbia and Ontario, have a combined annual capacity of
2.5 billion square feet (3/8-inch basis). Ainsworth is a publicly
traded company listed on the Toronto Stock Exchange under the
symbol ANS. For more information, visit
www.ainsworthengineered.com.
About LP
Louisiana-Pacific Corporation is a leading manufacturer of
quality engineered wood building materials including OSB,
structural framing products, and exterior siding for use in
residential, industrial and light commercial construction. From
manufacturing facilities in the U.S., Canada, Chile and Brazil, LP
products are sold to builders and homeowners through building
materials distributors and dealers and retail home centers. Founded
in 1973, LP is headquartered in Nashville, Tennessee and traded on
the New York Stock Exchange under LPX. For more information, visit
www.lpcorp.com.
The website at www.ainsworthengineered.com (the "Ainsworth
Website") is operated by Ainsworth, and LP disclaims any
responsibility for the accuracy or completeness of any information
contained on the Ainsworth Website or on any website linked to the
Ainsworth Website.
The website at www.lpcorp.com (the "LP Website") is operated by
LP, and Ainsworth disclaims any responsibility for the accuracy or
completeness of any information contained on the LP Website or on
any website linked to the LP Website.
Canadian MediaTrevor ZeckLongview Communications
Inc.604-694-6037US and International MediaLouisiana-Pacific
CorporationMary Cohn615-986-5886InvestorsLouisiana-Pacific
CorporationBecky Barckley or Mike
Kinney615-986-5600InvestorsAinsworth Lumber Co. Ltd.Rick Eng or Rob
Feustel604-661-3200