RICHMOND, B.C. — The Churchill Corporation (TSX:CUQ) says it will about double in size through a friendly deal to acquire Seacliff Construction Corp. of Richmond, B.C., for $390-million.
If the deal goes through as announced Monday, Edmonton-based Churchill will have about 600 full-time employees (300 from Seacliff) and up to 3,300 during peak construction activities (1,355 from Seacliff).
Churchill Corp. is offering $17.14 cash for each Seacliff common share (TSX:SDC), which is more than 20 per cent above Seacliff’s recent stock price.
Seacliff shares closed Friday at $14.55 at the Toronto Stock Exchange. Churchill’s stock closed at $18.94.
The two companies currently operate through a number of individually branded businesses.
Churchill’s holdings include Stuart Olson Construction Ltd. and Laird Electric Inc; Seacliff’s business units are Dominion Construction Inc., Canem Systems Ltd. and the Broda Group of Companies.