William E. Aziz Resigns from Canada Bread Board
TORONTO, March 10, 2014 /CNW/ - Canada Bread Company, Ltd. ("Canada
Bread") (TSX:CBY) today announced that, as a result of the impending
sale of Canada Bread to Grupo Bimbo, S.A.B. de C.V. ("Grupo Bimbo"),
William E. Aziz has decided to resign as a director of Canada Bread.
Canada Bread recently announced that it has entered into an arrangement
agreement with Grupo Bimbo, which has agreed to acquire all of the
issued and outstanding common shares of Canada Bread for aggregate cash
proceeds of $1.83 billion or $72.00 per share. The management
information circular providing more information on the transaction is
being mailed to shareholders and a special meeting of shareholders to
approve the transaction has been called for April 3, 2014. Subject to
regulatory approvals and satisfaction of other customary conditions,
the transaction is expected to close in the second quarter of 2014.
"I want to sincerely thank Bill for his years of service to the Canada
Bread board, and his diligence at ensuring the best interests of the
company and all shareholders have been served, especially over the last
months as the agreement with Grupo Bimbo was finalized," said Michael
H. McCain, chairman, Canada Bread.
About Canada Bread
Canada Bread is a leading manufacturer and marketer of value-added flour
based products, including fresh bread, rolls, bagels and frozen
partially baked or par-baked breads and bagels. Canada Bread employs
approximately 5,400 people at its bakery operations throughout Canada
and in the United States and United Kingdom. Canada Bread is 90% owned
by Maple Leaf Foods Inc. and its common shares are listed on the
Toronto Stock Exchange under the ticker symbol CBY.
Forward Looking Statements
This document may contain "forward-looking information" within the
meaning of applicable securities law. Such "forward-looking
information" includes, but is not limited to statements regarding the
expected timing of the completion of the sale of Canada Bread to Grupo
Bimbo as contemplated by the arrangement agreement. There can be no
assurances that any transaction will be completed. These statements
are not guarantees of future events and involve assumptions and risks
and uncertainties that are difficult to predict. Actual results may
differ materially from those expressed, implied or forecasted in such
forward-looking information. Canada Bread does not intend to, and
Canada Bread disclaims any obligation to, update any forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by law.
SOURCE Canada Bread Company, Limited
For further information: Investor Contact:
Nick Boland, Vice President Investor Relations
416-926-2005
Media Contact:
David Bauer, Corporate Communications
416-926-2020