Closing of Acquisition of Corrpro Companies, Inc.
Wednesday April 1, 2009, 11:20 am EDT
Buzz up! Print Related:Corrpro Companies Inc., Insituform Technologies Inc.
MEDINA, Ohio, April 1 /PRNewswire-FirstCall/ -- Corrpro Companies, Inc., (Pink Sheets: CRRP - News), announced today that it has been acquired via merger by a wholly-owned subsidiary of Insituform Technologies, Inc. (Nasdaq: INSU - News), effective March 31, 2009. After taking into account all adjustments contained in the merger agreement, on a per share basis, each issued and outstanding share of Corrpro common stock has been converted into a right to receive cash consideration of approximately $1.4245 per share in connection with the merger. The acquisition was financed in part by a $50 million term loan under Insituform's new $115 million credit facility.
Related Quotes
Symbol Price Change
CRRP.PK 1.44 +0.02
INSU 15.64 0.00
{"s" : "crrp.pk,insu","k" : "c10,l10,p20,t10","o" : "","j" : ""} Corrpro, headquartered in Medina, Ohio and Houston, Texas, with over 30 offices worldwide, is a leading provider of corrosion control engineering services, systems and equipment to the infrastructure, environmental and energy markets around the world. Corrpro is a leading provider of cathodic protection systems and engineering services, as well as corrosion protection services relating to coatings, pipeline integrity and reinforced concrete structures.
Except for historical information, the matters discussed in this press release are forward-looking statements relating to the business of the Company. Forward-looking statements are based on management's expectations as of the date hereof. Actual results may differ materially from those expressed or implied by the forward-looking statements. The Company assumes no obligation to update any of the information contained or referenced in this press release.
