February 14, 2018 / 12:18 PM / 5 months ago

BRIEF-Granite Construction To Acquire Layne Christensen

Feb 14 (Reuters) - Layne Christensen Co:

* GRANITE CONSTRUCTION TO ACQUIRE LAYNE CHRISTENSEN IN $565 MILLION STOCK MERGER TRANSACTION

* LAYNE CHRISTENSEN CO - TRANSACTION EQUITY VALUE OF $376 MILLION

* LAYNE CHRISTENSEN CO - DEAL EXPECTED TO GENERATE ANNUAL COST SYNERGIES OF APPROXIMATELY $20 MILLION

* LAYNE CHRISTENSEN - DEAL EXPECTED TO BE ACCRETIVE TO GRANITE'S ADJUSTED EPS AND HIGH SINGLE-DIGIT ACCRETIVE TO GRANITE'S ADJUSTED CASH EPS IN 1ST YEAR AFTER CLOSE

* LAYNE CHRISTENSEN CO - ‍GRANITE EXPECTS TO ASSUME OUTSTANDING LAYNE CONVERTIBLE DEBT WITH PRINCIPAL VALUE OF $170 MILLION​

* LAYNE CHRISTENSEN CO - ‍TRANSACTION IS NOT EXPECTED TO TRIGGER ANY CHANGE OF CONTROL PROVISIONS UNDER LAYNE'S INDENTURES​

* LAYNE CHRISTENSEN - GRANITE WILL ACQUIRE ALL OF OUTSTANDING SHARES OF CO IN DEAL VALUED AT $565 MILLION, INCLUDING ASSUMPTION OF NET DEBT

* LAYNE CHRISTENSEN - LAYNE SHAREHOLDERS WILL RECEIVE A FIXED EXCHANGE RATIO OF 0.270 GRANITE SHARES FOR EACH SHARE OF LAYNE COMMON STOCK THEY OWN

* LAYNE CHRISTENSEN CO - ‍GRANITE EXPECTS TO ACHIEVE ABOUT $20 MILLION OF ANNUAL RUN-RATE COST SAVINGS BY THIRD YEAR FOLLOWING CLOSE OF TRANSACTION​

* LAYNE CHRISTENSEN CO - FIXED EXCHANGE RATIO REPRESENTS DEAL VALUE OF $17.00 PER LAYNE SHARE

* LAYNE CHRISTENSEN CO - ‍IN CONNECTION WITH TRANSACTION, GRANITE WILL ISSUE ABOUT 5.4 MILLION SHARES OF GRANITE STOCK TO LAYNE STOCKHOLDERS​ Source text for Eikon: Further company coverage:

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