TORONTO, December 3, 2012 /PRNewswire/ --
(TSX: SCL.A, SCL.B)
ShawCor Ltd. (TSX: SCL.A, SCL.B) ("ShawCor" or the "Company") today provided an update on the review of strategic alternatives presently being conducted by the special committee of independent directors (the "Special Committee") of the Board of Directors of ShawCor as originally announced on September 5, 2012.
Since the commencement of the strategic review, the Special Committee has conducted a review of several strategic alternatives potentially available to ShawCor. After careful analysis, consideration and advice from its independent financial and legal advisors, and discussions with the controlling shareholder, the Special Committee and the Board have concluded that an acceptable sale transaction for all of the shares of ShawCor, while always a possibility, is highly unlikely at this time. The Special Committee is continuing to review and consider a range of strategic alternatives, however, there can be no assurance that any particular transaction will occur.ShawCor does not intend to comment further regarding the strategic review until such time, if any, as ShawCor enters into a definitive decision in respect of a particular transaction or otherwise determines that disclosure is appropriate or required. In the meantime, ShawCor continues to conduct its business as usual and remains fully focussed on delivering its products and services to its customers. ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company operates through eight divisions with over seventy manufacturing and service facilities located around the world. Forward Looking Information This document includes certain statements that reflect the Board's and the Special Committee's expectations and objectives for the Company's future performance, opportunities and growth, which statements constitute forward-looking information under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward looking information involves estimates, assumptions, judgments and uncertainties. These statements may be identified by the use of forward-looking terminology such as ″may″, ″will″, ″should″, ″anticipate″, ″expect″, ″believe″, ″predict″, ″estimate″, ″continue″, ″intend″, ″plan″, "possibility", "unlikely" and variations of these words or other similar expressions.