The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Filing Services Canada

Badger Shareholders Vote Against Acquisition by Clean Harbors

Tuesday, April 26, 2011

Badger Shareholders Vote Against Acquisition by Clean Harbors 11:40 EDT Tuesday, April 26, 2011FSC / Press ReleaseBadger Shareholders Vote Against Acquisition by Clean Harbors Calgary, Alberta CANADA, April 26, 2011 /FSC/ - Badger Daylighting Ltd. (BAD - TSX), signed an agreement to be acquired by Clean Harbors, Inc. ("Clean Harbors"). Under the terms of the agreement, Clean Harbors was to acquire 100% of Badger's outstanding common shares for cash consideration of CAD $20.50 per share (the "Transaction"). The Transaction was conditional on the approval of not less than 66 2/3 percent of the votes cast by the shareholders and optionholders of Badger. Badger held a meeting to consider the Transaction on April 26, 2011. The shareholder and optionholder vote did not receive the requisite number of votes required to approve the Transaction and accordingly the Transaction will not be completed.Badger will continue to execute its strategic and operational plans.About BadgerBadger is North America's largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in the utility and petroleum industries. Our key technology is the Badger Hydrovac, which is used primarily for safe digging in congested grounds and challenging conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures its truck-mounted hydrovac units.Badger's business model involves the provision of excavating services through two distinct entities: the Operating Partners (franchisees in the United States and agents in Canada), and Badger Corporate. Badger Corporate works with its Operating Partners to provide Hydrovac service to the end user. In this partnership, Badger provides the expertise, the trucks, and North American marketing and administration support. The Operating Partners deliver the service by operating the equipment and developing their local markets. All work is invoiced by Badger and then shared with the Operating Partner based upon a revenue sharing formula. In certain locations Badger has established corporate run operations to market and deliver the service in the local area.The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. For more information regarding this Press Release, please contact:Tor Wilson President and CEOor Greg Kelly, CA Vice President Finance and CFO 2820, 715 - 5th Avenue SW Calgary, Alberta T2P 2X6 Phone (403) 264-8500 Fax (403) 228-9773To view this release as a web page, please click on the following link: Badger Daylighting Ltd. (TSX - BAD) Maximum News Dissemination by Filing Services Canada Inc.