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Fairness hearing for Alliance
Wednesday May 09th 2007TORONTO, Alliance Atlantis Communications Inc. today announced that, at its request, the Ontario Superior Court has now scheduled June 15, 2007 as the date on which the Court will hold the fairness hearing in connection with the Plan of Arrangement pursuant to which AA Acquisition Corp. (formerly 6681859 Canada Inc.), a subsidiary of CanWest MediaWorks Inc., would acquire all of the outstanding shares of Alliance Atlantis for $53.00 cash per share. The hearing had been scheduled for May 18, 2007.
Alliance Atlantis, AA Acquisition Corp. and GS Capital Partners VI, L.P. (a private equity affiliate of Goldman Sachs & Co.) have agreed with Movie Distribution Income Fund and its subsidiary trust, Movie Distribution Holding Trust ("Holding Trust"), to reschedule the fairness hearing to this date and have also agreed that the claim by Holding Trust announced in a media release on April 4, 2007 relating to whether Holding Trust’s consent was required in connection with the Arrangement would be heard on the same date.
Holding Trust is the owner of 49% of Motion Picture Distribution LP ("MPD") and it has publicly stated that it believes, based on publicly available information, Holding Trust’s consent is required in connection with the Arrangement. Alliance Atlantis indirectly owns 51% of MPD and previously responded in a media release on April 5, 2007 that it does not believe the Arrangement itself requires Holding Trust’s consent although certain reorganizational steps contemplated by AA Acquisition Corp. may require the consent of third parties.
"We understand that the Holding Trust trustees, AA Acquisition Corp. and GS Capital Partners VI, L.P., with assistance from management of MPD and Alliance Atlantis, continue to engage in discussions" said David Lazzarato, Executive VP and Chief Financial Officer of Alliance Atlantis.
"Delaying the court date permits the discussions to continue. As we expect the arrangement to be completed in July or early August, we continue to believe there is ample time for this process to run its course and we are hopeful that the parties will reach a satisfactory understanding but, of course, we cannot currently predict its outcome."
Headline, Industry News
Fairness hearing for Alliance
Wednesday May 09th 2007TORONTO, Alliance Atlantis Communications Inc. today announced that, at its request, the Ontario Superior Court has now scheduled June 15, 2007 as the date on which the Court will hold the fairness hearing in connection with the Plan of Arrangement pursuant to which AA Acquisition Corp. (formerly 6681859 Canada Inc.), a subsidiary of CanWest MediaWorks Inc., would acquire all of the outstanding shares of Alliance Atlantis for $53.00 cash per share. The hearing had been scheduled for May 18, 2007.
Alliance Atlantis, AA Acquisition Corp. and GS Capital Partners VI, L.P. (a private equity affiliate of Goldman Sachs & Co.) have agreed with Movie Distribution Income Fund and its subsidiary trust, Movie Distribution Holding Trust ("Holding Trust"), to reschedule the fairness hearing to this date and have also agreed that the claim by Holding Trust announced in a media release on April 4, 2007 relating to whether Holding Trust’s consent was required in connection with the Arrangement would be heard on the same date.
Holding Trust is the owner of 49% of Motion Picture Distribution LP ("MPD") and it has publicly stated that it believes, based on publicly available information, Holding Trust’s consent is required in connection with the Arrangement. Alliance Atlantis indirectly owns 51% of MPD and previously responded in a media release on April 5, 2007 that it does not believe the Arrangement itself requires Holding Trust’s consent although certain reorganizational steps contemplated by AA Acquisition Corp. may require the consent of third parties.
"We understand that the Holding Trust trustees, AA Acquisition Corp. and GS Capital Partners VI, L.P., with assistance from management of MPD and Alliance Atlantis, continue to engage in discussions" said David Lazzarato, Executive VP and Chief Financial Officer of Alliance Atlantis.
"Delaying the court date permits the discussions to continue. As we expect the arrangement to be completed in July or early August, we continue to believe there is ample time for this process to run its course and we are hopeful that the parties will reach a satisfactory understanding but, of course, we cannot currently predict its outcome."
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Headline, Industry News
Fairness hearing for Alliance
Wednesday May 09th 2007TORONTO, Alliance Atlantis Communications Inc. today announced that, at its request, the Ontario Superior Court has now scheduled June 15, 2007 as the date on which the Court will hold the fairness hearing in connection with the Plan of Arrangement pursuant to which AA Acquisition Corp. (formerly 6681859 Canada Inc.), a subsidiary of CanWest MediaWorks Inc., would acquire all of the outstanding shares of Alliance Atlantis for $53.00 cash per share. The hearing had been scheduled for May 18, 2007.
Alliance Atlantis, AA Acquisition Corp. and GS Capital Partners VI, L.P. (a private equity affiliate of Goldman Sachs & Co.) have agreed with Movie Distribution Income Fund and its subsidiary trust, Movie Distribution Holding Trust ("Holding Trust"), to reschedule the fairness hearing to this date and have also agreed that the claim by Holding Trust announced in a media release on April 4, 2007 relating to whether Holding Trust’s consent was required in connection with the Arrangement would be heard on the same date.
Holding Trust is the owner of 49% of Motion Picture Distribution LP ("MPD") and it has publicly stated that it believes, based on publicly available information, Holding Trust’s consent is required in connection with the Arrangement. Alliance Atlantis indirectly owns 51% of MPD and previously responded in a media release on April 5, 2007 that it does not believe the Arrangement itself requires Holding Trust’s consent although certain reorganizational steps contemplated by AA Acquisition Corp. may require the consent of third parties.
"We understand that the Holding Trust trustees, AA Acquisition Corp. and GS Capital Partners VI, L.P., with assistance from management of MPD and Alliance Atlantis, continue to engage in discussions" said David Lazzarato, Executive VP and Chief Financial Officer of Alliance Atlantis.
"Delaying the court date permits the discussions to continue. As we expect the arrangement to be completed in July or early August, we continue to believe there is ample time for this process to run its course and we are hopeful that the parties will reach a satisfactory understanding but, of course, we cannot currently predict its outcome."
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