Algeco Scotsman and Modular Space Receive Supplementary Information Request
BALTIMORE, MD--(Marketwired - Apr 21, 2016) - Algeco/Scotsman Holding S.à r.l. (together with its subsidiaries, "Algeco Scotsman") today announced that on April 20, 2016 its subsidiary, Williams Scotsman International, Inc. (the "Company"), and Modular Space Corporation ("ModSpace") each received a supplementary information request ("SIR") from the Canadian Competition Bureau ("CCB") with respect to the previously announced proposed merger of the North American modular space operations of ModSpace and the Company. The SIR from the CCB is part of the normal course regulatory process under the Competition Act, R.S.C., 1985, c. C-34, as amended (the "Act"), and was anticipated by the Company. The SIR extends the waiting period imposed by the Act until 30 days after the parties have complied with the SIR unless that period is extended voluntarily by the parties or terminated sooner by the CCB. The Company intends to respond expeditiously to this request and to continue to work cooperatively with the CCB in connection with this review. The Company continues to expect the transaction to close by the second or third calendar quarter of 2016. Completion of the transaction remains subject to the expiration or termination of the waiting period under the Act, financing, and other customary closing conditions.
Cautionary Notice Regarding Forward Looking Statements
This press release and other oral and written statements by representatives of Algeco Scotsman regarding matters such as the completion of the merger and the financings and the achievement of the expected benefits of any such transactions, including the combined company's expected cost synergies and future operational and financial performance, may be forward-looking statements. These statements are identified by words such as "future," "anticipate", "intend,", "plan," "estimate," "believe," "expect," "project," "forecast," "could," "would," "should," "will," "may," and similar expressions of future intent or the negative of such terms. Although any such forward-looking statements reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements, including: the ability to complete the merger and related transactions; the ability of management to integrate and realize synergies from the merger; the terms of any financings related to the merger; the condition of the global capital markets; global economic conditions, including in the oil and gas industry; changes in demand within key industry end-markets and geographic regions; the competitive environment in which the companies operate; changes in federal, state and local laws and regulations, including in state building codes; ability to tend to the combined companies' modular assets; changes in raw material and labor costs; ability to engage with manufacturers if existing relationships are discontinued; and ability to retain and recruit key personnel. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, Algeco Scotsman undertakes no obligation, and specifically declines any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Algeco Scotsman
Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Algeco Scotsman has operations in 24 countries with a modular fleet of approximately 280,000 units. For more information visit www.algecoscotsman.com
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