CCP ORMT Acquisition LLC cancelled the acquistion of aluminum smelting facility in Hannibal from Ormet Corporation (OTCPK:ORMT.Q).
As announced on June 26, 2014, NIAGARA Worldwide LLC entered into an asset purchase agreement to acquire aluminum smelting facility in Hannibal and real property interests for $25.3 million. Also, CCP ORMT is kept as back up bidder by Ormet. CCP ORMT Acquisition LLC made a stalking horse bid to acquire aluminum smelting facility in Hannibal from Ormet Corporation (OTCPK:ORMT.Q), Ormet Railroad Corporation, Specialty Blanks Holding Corporation, Ormet Primary Aluminum Corporation and Ormet Aluminum Mill Products Corporation for $24.6 million. The Breakup fee that the sellers will pay to CCP ORMT Acquisition in case of termination is $0.45 million.
Kim Martin Lewis of Dinsmore & Shohl LLP and Robert J. Dehney of Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors to Ormet Corporation. Michael M. Eidelman of Vedder Price PC acted as legal advisor to CCP ORMT. Toby Kreidler and Siegel of Calibre Group LLC acted as financial advisors to Ormet.
CCP ORMT Acquisition LLC cancelled the acquistion of aluminum smelting facility in Hannibal from Ormet Corporation (OTCPK:ORMT.Q) on June 26, 2014. The transaction was cancelled as NIAGARA Worldwide LLC entered into an asset purchase agreement to acquire aluminum smelting facility in Hannibal and real property interests from Ormet Corporation (OTCPK:ORMT.Q), Ormet Railroad Corporation, Specialty Blanks Holding Corporation, Ormet Primary Aluminum Corporation and Ormet Aluminum Mill Products Corporation(sellers) for $25.3 million on June 26, 2014.