17:27:01 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Canada Bread Co Ltd
Symbol CBY
Shares Issued 25,416,812
Close 2014-03-06 C$ 72.00
Market Cap C$ 1,830,010,464
Recent Sedar Documents

Inv Reporter says tender Canada Bread

2014-03-07 18:21 ET - In the News

The Investment Reporter, in its Feb. 28, 2014, issue, says tender Canada Bread Co. Ltd., recently $72. The Reporter said buy 22 times from May 14, 1996, to May 24, 2013, at prices ranging from $11.05 to $67. Assuming an investment of $1,000 for each of the 22 buys, the $22,000 position would now be worth $56,016. Grupo Bimbo of Mexico has agreed to acquire Canada Bread for $72 a share. Parent company Maple Leaf Foods, which owns 90 per cent of Canada Bread, has agreed to support the transaction and tender its shares. Given Maple Leaf's large ownership, the transaction will likely go through. On Jan. 6, 2014, Canada Bread paid an $8-a-share special dividend. Add this to the $72 offer price and the shares will have fetched $80 each. This is above Canada Bread's market price on Oct. 18, 2013 (the day before Maple Leaf put its subsidiary up for sale), and also above Canada Bread's 20-day volume-weighted average share price. CIBC World Markets, Canada Bread's financial adviser, says the arrangement is fair. If Maple Leaf is willing to sell, it must find the price fair as well. Tender your shares to the Grupo Bimbo offer.

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