Grupo Bimbo Receives Approval Under Investment Canada Act to Acquire Canada Bread
14 May 2014 --- Maple Leaf Foods Inc. announced that Grupo Bimbo, S.A.B. de C.V. of Mexico has received approval under the Investment Canada Act to proceed with the acquisition of Canada Bread Company, Limited.
The transaction has previously received shareholder approval and clearance under the Competition Act ( Canada ) and the Hart-Scott-Rodino Act ( USA ). The transaction is expected to close on May 23, 2014 . Maple Leaf will realize aggregate cash proceeds of $1.65 billion or $72.00 per share for its 90% ownership of the outstanding shares of Canada Bread, plus a stub period dividend of $0.437 per share if the transaction closes as expected on May 23, 2014 .
"We are very pleased that his transaction has satisfied all regulatory reviews," said Michael H. McCain , President and Chief Executive Officer. "The sale to Grupo Bimbo will provide an exciting future for our bakery business and enable Maple Leaf to focus on accelerating profitable growth in the consumer packaged meats business, supported by leading brands, market shares and significant financial strength."
