Shoppers Drug Mart Receives Court Approval in Connection with Proposed Plan of Arrangement with Loblaw Companies Limited
Sep 16, 2013
TORONTO, Sept. 16, 2013 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) ("Shoppers Drug Mart") and Loblaw Companies Limited (TSX: L) ("Loblaw") today announced that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced proposed transaction pursuant to which Loblaw will acquire all of the issued and outstanding common shares of Shoppers Drug Mart by way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement").
Completion of the Arrangement remains conditional on compliance with the Competition Act (Canada) and certain other closing conditions customary in transactions of this nature. Subject to the satisfaction or waiver of all other conditions precedent to the Arrangement, it is anticipated that the Arrangement will be completed before the end of the first quarter of 2014.
About Shoppers Drug Mart Corporation
Shoppers Drug Mart Corporation is one of the most recognized and trusted names in Canadian retailing. Shoppers Drug Mart is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With 1,244 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, Shoppers Drug Mart is one of the most convenient retailers in Canada. Shoppers Drug Mart also licenses or owns 57 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec) and six luxury beauty destinations operating as Murale. As well, Shoppers Drug Mart owns and operates 62 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, Shoppers Drug Mart owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services; and MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities.
For more information, visit www.shoppersdrugmart.ca.
About Loblaw Companies Limited
Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and financial products and services. Loblaw is one of the largest private sector employers in Canada. With more than 1,000 corporate and franchised stores from coast to coast, Loblaw and its franchisees employ approximately 134,000 full-time and part-time employees. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide, growing and successful range of products and services to meet the everyday household demands of Canadian consumers. Loblaw is known for the quality, innovation and value of its food offering. It offers Canada's strongest control (private) label program, including the unique President's Choice®, no name® and Joe Fresh® brands. In addition, the Company makes available to consumers President's Choice® financial services and offers the PC® points and PC Plus™ loyalty program. For more information, visit Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at www.sedar.com.
Certain statements in this news release are forward-looking statements. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Shoppers Drug Mart and Loblaw. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on Shoppers Drug Mart's and Loblaw's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Shoppers Drug Mart's and Loblaw's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Shoppers Drug Mart and Loblaw can give no assurance that such estimates, beliefs and assumptions will prove to be correct.
This news releases contains forward-looking statements concerning the expected completion date of the Arrangement. There can be no assurance that the Arrangement will occur or that the anticipated strategic benefits and operational, competitive and cost synergies will be realized. The Arrangement is subject to various regulatory approvals, including approvals under the Competition Act (Canada) and by the TSX, and the fulfillment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. The Arrangement could be modified, restructured or terminated.
Readers are cautioned that the foregoing list of factors is not exhaustive. Other risks and uncertainties not presently known to Shoppers Drug Mart or Loblaw or that Shoppers Drug Mart or Loblaw presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Additional information on these and other factors that could affect the operations or financial results of Shoppers Drug Mart or Loblaw are included in reports filed by Shoppers Drug Mart and by Loblaw with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Shoppers Drug Mart's and Loblaw's expectations only as of the date of this news release. Shoppers Drug Mart and Loblaw disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Shoppers Drug Mart Corporation
For further information:
For further information for Shoppers Drug Mart:
Vice President, Communications & Corporate Affairs
(416) 493-1220, ext. 5678
For further information for Loblaw:
Vice President, Public Relations
Investor Relations: Jonathan Ross
Director, Investor Relations