TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) today announced that it has received a request for additional information (“second request”) from the United States Federal Trade Commission (“FTC”) in connection with the pending acquisition by a wholly-owned Superior subsidiary of the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Kiva Energy, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps”). Kamps has also received a similar second request from the FTC. The second requests were issued under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”).
Superior and Kamps have been working cooperatively with the FTC as it conducts its review of the transaction. The second requests are a normal part of the FTC review process. The effect of the second requests is to extend the waiting period imposed by the HSR Act until 30 days after Superior and Kamps have substantially complied with the requests, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
As a result of the ongoing FTC review, the acquisition of Kamps, which is subject to customary regulatory and commercial closing conditions, is now anticipated to close during the fourth quarter of 2021.
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: firstname.lastname@example.org, Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “anticipate”, “extend”, “will”, "expects", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to the anticipated close of the acquisition of Kamps and timing of the close of the acquisition of Kamps. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: that any required commercial agreements can be reached; and that all required regulatory approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; actions by governmental or regulatory authorities; that the acquisition may be modified, restructured, or terminated and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.