Avolon, the international aircraft leasing company, has entered into an Exclusivity Agreement with Bohai Leasing granting Bohai exclusivity to negotiate with Avolon until September 7th, 2015 with respect to the possible acquisition of 100% of the issued and outstanding common shares of Avolon at a price of US$32 per share. During the Exclusivity Period, Bohai and Avolon will endeavour to negotiate definitive agreements on terms previously discussed and accepted by the parties. Bohai’s offer is subject to completion of satisfactory and customary due diligence. In connection with Bohai’s obligations under the Exclusivity Agreement, Bohai will make a good faith deposit of US$50m into an escrow account within two business days, which amount will be in addition to the US$25m currently held in escrow in connection with the cash tender offer made by Bohai on July 31st, 2015 (the “Offer”), for an aggregate deposit of US$75m. Avolon will be entitled to receive the US$75m deposit in certain circumstances, including if Avolon is willing to execute definitive documents in connection with the Transaction and Bohai is unable or unwilling to do so. Upon execution of definitive documents in connection with the Transaction, the US$75m deposit will be increased by Bohai to US$250m, payable to Avolon in the event the Transaction is not consummated under certain circumstances.
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada