This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Loblaw Companies to acquire T&T Supermarket 2009-07-24 08:58 ET - News Release Mr. Galen Weston reports LOBLAW TO ACQUIRE T&T SUPERMARKET, CANADA'S LARGEST ASIAN FOOD RETAILER; T&T TO OPERATE AS SEPARATE DIVISION OF LOBLAW
The shareholders of T&T Supermarket Inc. have
entered into an agreement with Loblaws Inc., a subsidiary of Loblaw Companies Ltd., for the
purchase of all the common shares of T&T Supermarket, Canada's largest Asian
food retailer. The purchase price will be $225-million, with certain
adjustments to be made at closing. About $191-million of the purchase price will be
financed by cash and the remaining through preferred shares issued by T&T, the
value of which will be tied to the future performance of the business.
"We are delighted with this acquisition," said Galen G. Weston, executive
chairman of Loblaw Companies. "T&T's talented management team and
colleagues have developed what we believe are the best Asian stores in Canada,
which will be used to help Loblaw extend its ethnic offering to better serve
Canada's largest-growing-customer segment."
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