Akin Gump Advises U.S. Concrete in Polaris Materials Acquisition
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(New York) – U.S. Concrete, Inc. announced today it has entered into an arrangement agreement with Polaris Materials Corporation, pursuant to which U.S. Concrete will acquire all the issued and outstanding common shares of Polaris for C$3.40 per share in cash by way of a statutory plan of arrangement. The price per share implies an aggregate fully diluted equity value for Polaris of approximately C$309 million. Akin Gump served as U.S. Concrete’s U.S. legal advisor.
Prior to executing the arrangement agreement with U.S. Concrete, Polaris terminated its previously announced arrangement agreement dated August 27, 2017, with Vulcan Materials Company.
U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products. The deal announced today is subject to customary closing conditions, including approval of affected securityholders and court approval, and is expected to close in the fourth quarter of 2017.
Kerry Berchem, the head of the corporate practice at Akin Gump, led the team advising U.S. Concrete. She was joined by corporate counsel John Howell, corporate associate Mathew Rotenberg and corporate law clerk Elizabeth Atkins.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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