Business
George Weston Limited and Loblaw Companies Limited to Acquire Shares From Weston Family
George Weston Limited and Loblaw Companies Limited to Acquire Shares From Weston Family ...
About this update from George Weston Limited
[{"type":"text","content":"\n \n \n \n George Weston Limited and Loblaw Companies Limited to Acquire Shares From Weston Family\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Dec. 18, 2020\n \n /CNW/ - (TSX: WN) (TSX: L) – George Weston Limited (GWL) and Loblaw Companies Limited (Loblaw) jointly announced today that each company will acquire certain of its shares at below-market pricing from an entity controlled by Mr. W.\n \n Galen Weston\n \n (Mr. Weston), the controlling shareholder of GWL. Mr. Weston is disposing of the GWL and Loblaw common shares as part of an internal reorganization of his holdings. Mr. Weston has advised the companies that he has no present intention to dispose of additional GWL or Loblaw common shares outside of the Weston family. After giving effect to the GWL transaction, Mr. Weston (or entities controlled by him) will beneficially own, directly or indirectly, or have control or direction over 52.8% of the issued and outstanding common shares of GWL.\n \n \n \n \n \n \n \n \n \n GWL has entered into an agreement to purchase for cancellation 1,300,000 of its common shares from an entity controlled by Mr. Weston. The repurchased shares represent less than 1% of the outstanding GWL common shares. In addition, Loblaw has entered into an agreement to purchase for cancellation 3,269,208 of its common shares from an entity controlled by Mr. Weston. The repurchased shares represent less than 1% of the outstanding Loblaw common shares. The purchases of GWL common shares and Loblaw common shares will be made in accordance with orders granted by the Ontario Securities Commission.\n \n \n The purchase price to be paid by GWL will be 97% of the lesser of: (i) the volume weighted average price (VWAP) of the GWL common shares on the Toronto Stock Exchange (TSX) for the 20 trading days immediately prior to the date the transaction was agreed to, and (ii) the VWAP of the GWL common shares on the TSX for the two trading days immediately prior to completion of the transaction. The GWL transaction will be completed following the close o...