Shoppers Drug Mart Shareholders Approve Plan of Arrangement with Loblaw Companies Limited
TORONTO, Sept. 12, 2013 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) (the "Company" or "Shoppers Drug Mart") today announced that at a special meeting of shareholders held earlier today (the "Meeting"), Shoppers Drug Mart shareholders voted in favour of the proposed transaction pursuant to which Loblaw Companies Limited 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"). The Arrangement was approved by approximately 99.89% of the votes cast by all of the Shoppers Drug Mart shareholders eligible to vote at the Meeting.
Completion of the Arrangement remains conditional on approval by the Ontario Superior Court of Justice (Commercial List), compliance with the Competition Act (Canada) and certain other closing conditions customary in transactions of this nature. Subject to obtaining such court approvals, and 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.
About Shoppers Drug Mart Corporation
Shoppers Drug Mart Corporation is one of the most recognized and trusted names in Canadian retailing. The Company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With 1,244 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the Company is one of the most convenient retailers in Canada. The Company also licenses or owns 57 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec) and six luxury beauty destinations operating as Murale. As well, the Company owns and operates 62 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the Company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services; and MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities.
For more information, visit www.shoppersdrugmart.ca.
Certain statements in this news release are forward-looking statements. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Shoppers Drug Mart. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on Shoppers Drug Mart's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Shoppers Drug Mart's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Shoppers Drug Mart can give no assurance that such estimates, beliefs and assumptions will prove to be correct.
This news releases contains forward-looking statements concerning the expected completion date of the Arrangement. There can be no assurance that the Arrangement will occur or that the anticipated strategic benefits and operational, competitive and cost synergies will be realized. The Arrangement is subject to various regulatory approvals, including approvals under the Competition Act (Canada) 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 Arrangement 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 Shoppers Drug Mart or that Shoppers Drug Mart presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Additional information on these and other factors that could affect the operations or financial results of Shoppers Drug Mart are included in reports filed by Shoppers Drug Mart 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 Shoppers Drug Mart's expectations only as of the date of this news release. Shoppers Drug Mart 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 Shoppers Drug Mart Corporation