Oshawa Group gets formal offer
Article Abstract:
Empire Company Ltd., a Stellarton, Nova Scotia-based company, has sent its formal offer to Oshawa Group Ltd.'s common shareholders. The move is part of Empire's proposed C$1.5 billion takeover of Toronto, Ontario-based Oshawa. The Wolfe family, which controls 685,504 Oshawa common shares already accepted the offer from Empire through its subsidiary Sobeys Canada Inc. Sobeys will buy the Oshawa common shares for C$116 a share. Sobeys will also mail its offer of C$36 cash or two Sobeys Canada voting shares and 25 cents for each of the 38 million non-voting class A shares of Oshawa. Empire hopes to consolidate Oshawa and Sobeys grocery operations to build a separate public company, generating approximately C$10 billion in annual sales.
Comment:
Mails its formal offer to Oshawa Group Ltd's common shareholders as part of its proposed C$1.5 billion takeover of Oshawa
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Empire bags Oshawa Group
Article Abstract:
Empire Co. Ltd. of Stellarton, Nova Scotia, has agreed to acquire Oshawa Group Ltd. of Toronto, Ontario, for nearly C$1.5 billion, creating a food retailing giant with C$10 billion in annual sales. The deal has the support of the Oshawa board and members of the Wolfe family that has a controlling stake in Oshawa, according to Empire. The combined company will have a work force of more than 30,000 and a huge network of stores east of British Columbia. The new company will also own 61.75% of Sobeys Canada, which is the second-largest grocery chain in Canada behind Loblaw Cos. Ltd. of Toronto, Ontario.
Comment:
Agrees to acquire by Oshawa Group for nearly C$1.5 bil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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