Business
Shoppers Drug Mart Shareholders Approve Plan of Arrangement with Loblaw Companies Limited
TORONTO , Sept. 12, 2013 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) (the "Company"...
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[{"type":"text","content":"\n\n\nTORONTO, Sept. 12, 2013 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC)\n (the \"Company\" or \"Shoppers Drug Mart\") today announced that at a\n special meeting of shareholders held earlier today (the \"Meeting\"),\n Shoppers Drug Mart shareholders voted in favour of the proposed\n transaction pursuant to which Loblaw Companies Limited will acquire all\n of the issued and outstanding common shares of Shoppers Drug Mart by\n way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the \"Arrangement\").  The Arrangement was approved by approximately\n 99.89% of the votes cast by all of the Shoppers Drug Mart shareholders\n eligible to vote at the Meeting.\n\n\nCompletion of the Arrangement remains conditional on approval by the\n Ontario Superior Court of Justice (Commercial List), compliance with\n the Competition Act (Canada) and certain other closing conditions customary in transactions\n of this nature. Subject to obtaining such court approvals, and the\n satisfaction or waiver of all other conditions precedent to the\n Arrangement, it is anticipated that the Arrangement will be completed\n before the end of the first quarter of 2014.\n\n\nAbout Shoppers Drug Mart Corporation\n\n\nShoppers Drug Mart Corporation is one of the most recognized and trusted\n names in Canadian retailing. The Company is the licensor of\n full-service retail drug stores operating under the name Shoppers Drug\n Mart (Pharmaprix in Québec). With 1,244 Shoppers Drug Mart and\n Pharmaprix stores operating in prime locations in each province and two\n territories, the Company is one of the most convenient retailers in\n Canada. The Company also licenses or owns 57 medical clinic pharmacies\n operating under the name Shoppers Simply Pharmacy (Pharmaprix\n Simplement Santé in Québec) and six luxury beauty destinations\n operating as Murale. As well, the Company owns and operates 62 Shoppers\n Home Health Care stores, making it the largest Canadian retailer of\n home health care products and services. In addition to its retail store\n network, the Company owns Shoppers Drug Mart Specialty Health Network\n Inc., a provider of specialty drug distribution, pharmacy and\n comprehensive patient support services; and MediSystem Technologies\n Inc., a provider of pharmaceutical products and services to long...