Canadian Tire Corporation’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 The Forzani Group Ltd. (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. CTC is offering CN$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unless further extended, and is conditional upon, among other things, there having been validly deposited (and not withdrawn), together with any Common Shares owned or controlled by the Offeror and its affiliates, at least 66 2/3% of the outstanding Common Shares (on a fully-diluted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.”