Intertape Polymer Group Inc. (IPG) recently announced that independent proxy advisor Institutional Shareholder Services Inc. (ISS) has recommended that company shareholders vote for all resolutions at the upcoming IPG annual and special shareholder meeting, including the resolution approving the acquisition of the company by an affiliate of Clearlake Capital Group, L.P. by way of a plan of arrangement in accordance with Section 192 of the Canada Business Corporations Act. Under the terms of the arrangement, the purchaser will acquire the outstanding shares of IPG in an all-cash transaction valued at approximately $2.6 billion, including net debt.

This reportedly represents a premium of approximately 82% to the closing price of IPG shares on the Toronto Stock Exchange on March 7, 2022, being the last trading day prior to announcement of the arrangement, and approximately 66% to the volume weighted average trading price of IPG shares on the Toronto Stock Exchange for the 30 trading days preceding March 7, 2022. Upon completion of the transaction, all of the shares of IPG will be held by the purchaser, and the purchaser intends to cause the company to have such shares delisted from the Toronto Stock Exchange.

“We are pleased that ISS endorsed this deal and encourage all Company shareholders to vote for all resolutions including the plan of arrangement with the Purchaser in advance of the voting cut off on May 9, 2022,” said Greg Yull, president and CEO.

Additional details are available at www.itape.com.