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Flowserve and Velan Extend the Outside Date of their Arrangement Agreement
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Flowserve Corporation and Velan Inc. have extended the outside date of their arrangement agreement, due to pending Regulatory Approvals. The Outside Date has been extended for an additional 30 days to October 7, 2023.
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DALLAS, Texas & MONTREAL, Canada--(BUSINESS WIRE)--
Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”). In accordance with the definition of Outside Date in the Arrangement Agreement, given that the Regulatory Approvals (as such term is defined in the Arrangement Agreement) have not all been obtained at this time, Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to October 7, 2023.
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About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. is one of the world’s leading manufacturers of industrial valves. Velan Inc. is a family-controlled public company, employing approximately 1,650 people with manufacturing facilities in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
flowserve is one of the world's largest manufacturers of pumps, valves and seals with over 19,000 employees in over 60 countries. built on more than 50 world-renowned heritage brands, the equity and customer loyalty we have earned over the past 220 years is the foundation of our leadership position across the globe. flowserve's innovations have benefited a range of industries, including oil and gas, power, chemical, water, pharmaceuticals and food processing. addressing these industries' challenges has made flowserve a leader in development and application of advanced solutions for our customers. experience, leadership and creativity are the tools we use to turn an idea into a solution. continuing to foster this kind of innovation is key to flowserve's long-term success. be a part of a team known for its industry-leading talent, unparalleled portfolio and unmatched commitment to customer success. we invite you to put your talents and experience in motion with flowserve. together, we e
