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Smithfield bid nets majority of Schneider shares

Article Abstract:

Smithfield Foods Inc., based in Norfolk, VA, has purchased 688,974 common shares or 93% of the outstanding shares as well as 3.6 million or 54% of the non-voting shares in Schneider in Kitchener, Ontario-based Schneider Corp. The stock offer involved the exchange of 0.5415 of an equivalent share of Smithfield Canada Ltd. for every Schneider share, which is exchangeable for every share of Smithfield Foods. Schneider reported C$7.4 million in profit or C$1.09 a share on sales of C$681.3 million during the three quarters ended Aug. 1, 1998.

Comment:

Purchases 688,974 common shares or 93% of outstanding shares as well as 3.6 mil or 54% of non-voting shares in Schneider, Canada

Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Fresh Meat, Animal Slaughtering and Processing, Meat, Smithfield Foods Inc., Schneider Corp., Article

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Dylex expects loff stemming from BiWay

Article Abstract:

Specialty retailer Dylex Ltd of Toronto, Ontario, has announced that it is expecting an overall loss of C$15 million for the FY ended Jan 29, 2000. The company said that it will take a charge of C$25 million against its 2nd qtr results to cut the value of its discount retail chain BiWay's inventory and accounts receivable. Biway's investory has been found to be overstated by C$12.5 million, which was blamed to startup problems at a new distribution center and higher-then-estimated shrinkage.

Sales, profits & dividends, Males' Clothing, Retail, Men's Clothing Stores, Dylex Ltd.

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