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8-K - FORM 8-K - AMERICAN COMMERCIAL LINES INC. | c61783e8vk.htm |
Exhibit 99.1
American Commercial Lines Inc. Announces Stockholder Approval of Merger Agreement with
Affiliate of Platinum Equity
Affiliate of Platinum Equity
JEFFERSONVILLE, IN, Dec. 14, 2010 American Commercial Lines Inc. (NASDAQ: ACLI) (ACL or the
Company), one of the largest and most diversified inland marine transportation and service
companies in the United States, is pleased to report that its stockholders have approved the
proposal to adopt the merger agreement providing for ACLs acquisition by an affiliate of Platinum
Equity.
The affirmative vote of the holders of a majority of the outstanding shares of common stock of ACL
was required to approve the proposal to adopt the merger agreement. According to the final tally of
shares voted, approximately 10,272,621 shares of common stock of ACL voted for the approval of the
proposal to adopt the merger agreement, representing approximately 80 percent of the
outstanding shares of common stock of ACL as of the close of business on October 29, 2010, the
record date for this vote.
Subject to the satisfaction or waiver of certain conditions set forth in the merger agreement and
discussed in the Definitive Proxy Statement on Schedule 14A filed by ACL with the Securities and
Exchange Commission on November 15, 2010, ACL expects the merger contemplated by the merger
agreement to close and ACLs common stock to cease to trade on NASDAQ by the end of December 2010.
About American Commercial Lines Inc.
American Commercial Lines Inc., headquartered in Jeffersonville, Indiana, is an integrated marine
transportation and service company operating in the United States Jones Act trades, with
approximately $850 million in revenues and approximately 2,570 employees as of December 31, 2009.
For more information about American Commercial Lines Inc., visit www.aclines.com.
About Platinum Equity
Platinum Equity is a global M&A&O(R) firm specializing in the merger, acquisition and operation of
companies that provide services and solutions to customers in a broad range of business markets,
including information technology, telecommunications, logistics, metals services, manufacturing and
distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100
acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
For more information, go to www.platinumequity.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. Words such as expect(s), feel(s),
believe(s), will, may, anticipate(s), intend(s) and similar expressions are intended to
identify such forward-looking statements. These statements include, but are not limited to, the
expected timing of the acquisition, the ability of Parent and ACL to close the acquisition and
statements regarding future performance. All of such information and statements are subject to
certain risks and uncertainties, the effects of which are difficult to predict and generally beyond
the control of ACL, that could cause actual results to differ materially from those expressed in,
or implied or projected by, the forward-looking information and statements. These risks and
uncertainties include, but are not limited to: (i) uncertainties associated with the acquisition of
the Company by Platinum; (ii) uncertainties as to the timing of the merger; (iii) the ability of
the parties to satisfy closing conditions to the transaction; (iv) changes in economic, business,
competitive, and/or regulatory factors; and (v) those risks identified and discussed by us in our
filings with the U.S. Securities and Exchange Commission, including the Definitive Proxy Statement
on Schedule 14A filed by ACL with the Securities and Exchange Commission on November 15, 2010.
All of the forward-looking statements we make in this document are qualified by the information
contained herein or contained or incorporated by reference in the Definitive Proxy Statement,
including, but not limited to, (a) the information contained under this heading and (b) the
information contained under the headings Risk Factors in our consolidated financial statements
and notes thereto included in our most recent filings on Forms 10-Q and 10-K (see Where You Can
Find More Information beginning on page 85 of the Definitive Proxy Statement). We are under no
obligation to publicly release any revision to any forward-looking statement contained or
incorporated herein to reflect any future events or occurrences.
Contact:
David T. Parker
David T. Parker
Vice President, Investor Relations
and Corporate Communications
(800) 842-5491
and Corporate Communications
(800) 842-5491