|By PR Newswire||
|July 15, 2013 06:05 AM EDT||
TORONTO, July 15, 2013 /CNW/ - George Weston Limited (TSX: WN) ("Weston" or "the Company") today announced that it will subscribe for 10,515,247 Loblaw Companies Limited ("Loblaw") common shares valued at $500 million. Proceeds from the private placement will be used to finance a portion of the cash consideration to be paid by Loblaw as part of its acquisition of Shoppers Drug Mart Corporation. The price per share to be paid by Weston will be $47.55, which was Loblaw's closing share price on July 12, 2013 and the same price at which shares are being issued to Shoppers Drug Mart shareholders under the transaction. Loblaw and Shoppers Drug Mart announced the combination earlier today.
Weston is Loblaw's controlling shareholder, with voting ownership of approximately 63% of Loblaw's common shares. Taking into consideration its current holdings and those to be purchased through the private placement, Weston will have voting ownership of approximately 46% of Loblaw's common shares upon completion of the acquisition.
W. Galen Weston, Executive Chairman of Weston said, "This investment underscores our strong support of this transaction and the value that can be generated by combining Loblaw, Canada's leading food retailer, and Shoppers Drug Mart, the country's leading pharmacy retailer. By joining forces, the combined company will be uniquely positioned to better serve Canadian consumers and have the means to bring exciting innovations to the Canadian marketplace, leading to even stronger growth and profitability."
About George Weston Limited
George Weston Limited is one of North America's largest food processing and distribution groups operating in two segments: baking through Weston Foods, and food and general merchandise distribution through Loblaw Companies Limited.
This News Release for George Weston Limited (the "Company") contains forward-looking statements about the proposed acquisition by its subsidiary, Loblaw Companies Limited ("Loblaw") of all of the outstanding common shares of Shoppers Drug Mart Corporation. These statements reflect the Company's current expectations regarding the future operating and financial performance of the combined company. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other risks and uncertainties regarding future events and as such, are subject to change.
There can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits and operational, competitive and cost synergies will be realized. The proposed transaction is subject to various regulatory approvals, including approval under the Competition Act 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 proposed transaction 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 the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect the operations or financial results of the Company included in reports filed by the Company 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 the Company's expectations only as of the date of this News Release. The Company 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 George Weston Limited
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Jul. 6, 2015 01:00 PM EDT Reads: 1,626
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jul. 6, 2015 01:00 PM EDT Reads: 2,347
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
Jul. 6, 2015 01:00 PM EDT Reads: 570
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
Jul. 6, 2015 12:45 PM EDT Reads: 290
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 6, 2015 12:45 PM EDT Reads: 1,383
Jul. 6, 2015 12:45 PM EDT Reads: 2,058
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
Jul. 6, 2015 12:37 PM EDT Reads: 172
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 6, 2015 12:30 PM EDT Reads: 1,412
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dramatically improve produc...
Jul. 6, 2015 12:15 PM EDT Reads: 2,133
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data...
Jul. 6, 2015 12:15 PM EDT Reads: 2,029
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
Jul. 6, 2015 12:00 PM EDT Reads: 1,007
Jul. 6, 2015 11:45 AM EDT Reads: 2,561
Jul. 6, 2015 11:45 AM EDT Reads: 430
Jul. 6, 2015 11:30 AM EDT Reads: 2,313
Jul. 6, 2015 11:30 AM EDT Reads: 1,674