CANADA: Empire’s Sobeys acquisition given go-ahead
A court in Canada has given Empire's proposed takeover of local retailer Sobeys the green light.
Empire, who currently holds a 72.1% stake in Sobeys, will acquire all rthe emaining shares for C$58 (US$54.34) per share.
The deal was approved by Sobeys shareholders on 9 June and will become effective upon the registration of the court approval with the Nova Scotia Registry of Joint Stock Companies, which Sobeys expects will occur after the close of business tomorrow (15 June).
Sobeys shares will then be delisted from the Toronto Stock Exchange.
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