RIVIERE-DU-LOUP, QUEBEC -- (Marketwire) -- 02/23/11 -- Premier Tech Ltd ('Premier Tech') announces that it currently does not intend to tender the 5,459,800 shares of Sun Gro Horticulture Inc. ('Sun Gro') it beneficially owns and controls with its joint actors, representing approximately 25% of the issued and outstanding shares of Sun Gro, to the take-over bid at $6.60 per share announced on January 16, 2011 by IKO Enterprises Ltd. ('IKO').
Premier Tech believes that, from its perspective, the offer of IKO at $6.60 per share, which expires on March 3, 2011 and is subject to certain conditions, including a minimum tender condition of 66 2/3% of all issued and outstanding shares, does not fully value Sun Gro.
Premier Tech firmly believes that there exist better short to midterm opportunities to deliver greater value to Sun Gro shareholders when compared to the price offered by IKO, and is not satisfied that other alternatives to the transaction proposed by IKO have been fully explored. Premier Tech invested in Sun Gro for the long term and is fully confident in the ability of Sun Gro's management team to deliver greater long term value to all Sun Gro shareholders.
Premier Tech is also evaluating its other rights and recourses, including the potential exercise of dissent rights in the event of a second stage expropriation transaction.
For over 85 years, Premier Tech has been building its know-how and reputation on the expertise and synergy of its three groups - Horticulture and Agriculture, Industrial Equipment and Environmental Technologies - divided in Business Units. They have the mission to become technological and commercial leaders in their respective industries. Driven by a multidisciplinary team of over 2 000 people located in the Americas, Europe and Asia, Premier Tech focuses on the development of its team members, on Innovation, and on the introduction of value-added products and services to support its long-term growth.
Certain statements contained in this news release are forward-looking statements and information within the meaning of applicable Canadian securities legislation (collectively 'forward-looking statements'), including statements relating to any strategic alternatives involving Sun Gro and any other statements that are not historical facts. The term 'believe' and similar terms and phrases are intended to identify these forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those implied by these forward-looking statements, including, but not limited to: general economic conditions; the state of the capital markets; foreign currency and exchange risk; performance of the market sectors that Sun Gro serves; and other risks detailed from time to time in Sun Gro's filings with Canadian provincial securities regulators. Readers should not place undue reliance on forward-looking statements made by Sun Gro or Premier Tech.
Although Premier Tech believes that the expectations reflected by the forward-looking statements presented in this release are reasonable, the forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to Premier Tech. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Premier Tech undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
France Begin Parent
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