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Details on Industry Insight.
Canadian Tire Receives Competition Bureau Clearance For Forzani Acquisition
TORONTO, ONTARIO and CALGARY, ALBERTA--(Marketwire - Aug. 3, 2011) - Canadian Tire Corporation, Limited (TSX:CTC - News; TSX:CTC.A - News; "Canadian Tire") and The Forzani Group Ltd. (TSX:FGL - News; "Forzani") announced today that Canadian Tire's wholly-owned subsidiary, FGL AcquisitionCo Limited ("the Offeror"), has received a letter from the Competition Bureau indicating it does not intend to take any action with respect to Canadian Tire's acquisition of all the Class "A" shares ("Common Shares") of Forzani (the "Offer") at this time.
The communication from the Competition Bureau enables Canadian Tire to conclude the Forzani transaction. In addition, Forzani has obtained all other third party consents required by the terms of the Offer. The Offeror is offering C$26.50 per Common Share in cash. The transaction was announced on May 9.
The Offer is open for acceptance until 5:00 p.m. (EDT) on August 18, 2011, unless further extended, and is conditional upon, among other things, there having been validly deposited (and not withdrawn), together with any Common Shares owned or controlled by the Offeror and its affiliates, at least 66 2/3% of the outstanding Common Shares (on a fully-diluted basis).
"Forzani is an excellent fit with the Canadian Tire family and will extend our reach to include new customers," said Stephen Wetmore, President and Chief Executive Officer of Canadian Tire. "We look forward to closing the acquisition in short order and getting down to work."
Computershare Investor Services Inc. is the depositary for the Offer. Shareholders can obtain copies of the take-over bid circular and related materials at no charge from the depositary at 1-800-564-6253 or by email at firstname.lastname@example.org. The information agent for the Offer is Phoenix Advisory Partners. Inquires should be directed to the information agent toll free at 1-866-793-5520 or email@example.com. Additional copies of these documents may also be obtained on request from the information agent.
Canadian Tire Corporation, Limited (TSX:CTC.A - News; TSX:CTC - News) is one of Canada's most-shopped general retailers, offering everyday products and services to Canadians through more than 1,200 retail and gasoline outlets from coast-to-coast. Our primary retail business categories - Automotive, Living, Fixing, Playing and Apparel - are supported and strengthened by our Financial Services division, which offers such products and services as credit cards, retail deposits, in-store financing, product warranties, and insurance. Nearly 57,000 people are employed across the Canadian Tire enterprise, which was founded in 1922 and remains one of Canada's most recognized and trusted brands.
The Forzani Group Ltd. is one of Canada's leading retailers of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Sport Mart, Athletes World, National Sports, Sports Experts, Intersport, Atmosphere, Tech Shop, Nevada Bob's Golf, Hockey Experts, The Fitness Source and S3. Forzani also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com.