May 14, 2014, Toronto – Grupo Bimbo has received Investment Canada Act approval in
connection with the plan of arrangement between a
wholly-owned subsidiary of Grupo Bimbo and Canada Bread.
connection with the plan of arrangement between a
wholly-owned subsidiary of Grupo Bimbo and Canada Bread.
The transaction, which previously received shareholder
approval and clearance under the Competition Act (Canada) and the Hart-Scott-Rodino Act (USA), requires no further regulatory or shareholder approvals in
order for the transaction to close. Grupo Bimbo and Canada Bread have
agreed that subject to the satisfaction of the remaining customary
conditions to closing, the arrangement will be completed on May 23.
Under the terms of the arrangement, a
wholly-owned subsidiary of Grupo Bimbo will acquire each common share
of Canada Bread for $72.00 per share in cash and, provided the
transaction closes on May 23, a dividend will be deemed to have
been declared in the amount of $0.437 per share (being $0.75 per share,
pro-rated for the actual number of days elapsed in the second quarter
up to and including the closing date of the transaction).
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