Loblaw's purchase of Shoppers Drug Mart nearly completed
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.