Algeco Scotsman Announces Termination of Merger Agreement With Modular Space Corporation
BALTIMORE, MD--(Marketwired - Aug 15, 2016) - Algeco/Scotsman Holding S.à r.l. ("Algeco Scotsman"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, announced today that its subsidiary Williams Scotsman International, Inc. ("Williams Scotsman") has terminated the Agreement and Plan of Merger dated as of March 16, 2016, among Williams Scotsman, Modular Space Corporation ("ModSpace") and certain affiliates of ModSpace (the "Merger Agreement"), in accordance with the terms of the Merger Agreement and as a result of the transactions contemplated thereunder not being completed by the expiration date established by the Merger Agreement. This does not preclude an alternative transaction for a combination between ModSpace and Williams Scotsman being pursued, though no assurance can be given that any such transaction will occur.
Algeco Scotsman has previously announced that its subsidiary Algeco Scotsman Global S.à r.l. will hold its second quarter 2016 financial results conference call on Tuesday, August 16, 2016 at 10:00 a.m., Eastern Time.
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 pursuit of an alternative transaction with ModSpace 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 of management to integrate and realize synergies from a transaction; 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 Algeco Scotsman operates; changes in federal, state and local laws and regulations, including in state building codes; ability to tend to Algeco Scotsman's 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 25 countries with a modular fleet of approximately 275,000 units. For more information visit www.algecoscotsman.com
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