2010
International Absorbents
Going Private Transaction
We acted as counsel to the strategic alternatives committee of International Absorbents Inc., an industrial issuer listed on the NYSE Amex, in connection with the committee’s review of alternatives to the public listing of the company. In May 2010 the company was acquired by Kinderhook Industries LLC, a New York based private equity firm, by way of plan of arrangement for a total purchase price of US $37,500,000. The company now operates as a wholly-owned subsidiary of an affiliate of Kinderhook Industries LLC.
International Absorbents Inc. develops, manufactures and markets patented and proprietary cost effective consumer and commercial products derived from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of consumer and industrial applications, including retail/commercial pet bedding and litter, oil and hazardous liquid spill cleanup and control, oil/water filtration, and packaging.
Our services included advising the strategic alternatives committee on its duties, assisting in engaging a financial adviser, advising on the targeted auction process, assisting in structuring, negotiating and drafting the transaction agreements and closing the sale of the Company.