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Toromont's Revised Offer Persuades Enerflex Board

Posted on December 18, 2009

Canada’s Toromont Industries Ltd. and Enerflex Systems Income Fund announced that they entered into a support agreement that resulted in Toromont increasing its offer to acquire Enerflex to $14.25 per unit, $0.75 higher than its original offer of $13.50. The Board of Directors of Enerflex unanimously agreed to support the offer and to recommend that holders of Enerflex trust units tender their units to it.

The revised offer allows Enerflex unit holders to choose to receive either $14.25 in cash per unit, or 0.5382 of a common share of Toromont plus $0.05 in cash per unit, in each case subject to pro ration. Toromont will pay a maximum of about $315.6 million and issue about 11.8 million shares of Toromont stock. The revised offer represents a premium of 42% to the closing price of Enerflex units on October 16, 2009, the day Toromont announced its proposal to acquire Enerflex

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