Kekst & Co. helped Texas-based Layne Christensen Co., water management/infrastructure services operation, overcome activist shareholder and bondholder opposition to its $565M sale to California’s Granite Construction. The deal was announced in February.
Connecticut-based Cetus Capital led the charge against the merger, viewing the offer's value for Layne as inadequate.
Layne did receive major boosts from leading proxy advisory firms ISS and Glass Lewis.
GL noted that the all-stock transaction represented “an attractive premium to Layne’s standalone value over all periods analyzed” and the deal better positioned Layne “for capital investments in its growing water midstream business.”
Cetus voted against the merger at Layne’s June 13 meeting, a session where 92 percent of votes cast supported the deal.
Daniel Yunger, managing director, led the Kekst team working for Layne.
The Publicis Groupe unit coordinated its activity with Layne’s long-time IR advisor, Dennard-Lascar Assocs. in Houston.