TORONTO – CanWest Global and Alliance Atlantis said today that CanWest’s deal to purchase AA will take a few more months than they thought.
The companies now expect to complete the $2.3 billion purchase (where CanWest is being backed by Goldman Sachs) in July or August, rather than in May. (Of course, the real hurdle will be facing the Commission with this deal.)
"CanWest and Alliance Atlantis had anticipated that the preparation and audit of certain of the financial information required… in connection with debt financings being undertaken in connection with the Arrangement could be completed in time for a May closing. However, the exercise is taking longer than initially expected and the required information will not be available in time to permit completion of the Arrangement in May 2007," says the press release.
"As a result, Alliance Atlantis will be required pursuant to the Arrangement Agreement to provide more current unaudited financial statements and other information in respect of the first fiscal quarters of 2007 and 2006 in connection with the Acquireco debt financings. This required financial information is expected to be available in late June thereby permitting a July or early August closing."
