Canada Bread Receives Court Approval in Connection with Plan of Arrangement
TORONTO, April 8, 2014 /CNW/ - Canada Bread Company, Ltd. (CBY: TSX) ("Canada Bread" or the "Company") announced that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced plan of arrangement between a wholly-owned subsidiary of Grupo Bimbo, S.A.B. de C.V. ("Grupo Bimbo") and Canada Bread (the "Arrangement").
The Arrangement will result in the sale of Canada Bread to Grupo Bimbo, which is expected to close in the second quarter of 2014, subject to completion of other closing conditions, including approval under the Investment Canada Act. The transaction has previously received shareholder approval and clearance under the Competition Act (Canada) and the Hart-Scott-Rodino Act (USA).
About Canada Bread
Canada Bread is a leading manufacturer and marketer of value-added flour based products, including fresh bread, rolls, bagels and frozen partially baked or par-baked breads and bagels. Canada Bread employs approximately 5,400 people at its bakery operations throughout Canada and in the United States and United Kingdom. Canada Bread is 90% owned by Maple Leaf Foods Inc. and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
About Grupo Bimbo
Grupo Bimbo is one of the largest baking companies in the world in terms of production and sales volume. As the market leader in the Americas, Grupo Bimbo has 144 plants and more than 1,600 distribution centers strategically located in 19 countries throughout the Americas, Europe and Asia. Its main product lines include sliced bread, buns, cookies, snack cakes, English muffins, bagels, pre-packaged foods, tortillas, salted snacks and confectionery products, among others. Grupo Bimbo produces over 10,000 products and has one of the most extensive direct distribution networks in the world, with more than 52,000 routes and more than 126,000 employees. Grupo Bimbo's shares have traded on the Mexican Stock Exchange since 1980 under the ticker symbol BIMBO.
Forward Looking Statements
This document may contain "forward-looking information" within the meaning of applicable securities law. Such statements include, but are not limited to, statements with respect to the expected closing date of the Arrangement. There can be no assurances that any transaction will be completed. These statements are not guarantees of future events and involve assumptions and risks and uncertainties that are difficult to predict. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking information. Canada Bread does not intend to, and Canada Bread disclaims any obligation to, update any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Canada Bread Company, LimitedFor further information: Investor Contact: Nick Boland, Vice President, Investor Relations, 416-926-2005; Media Contact: David Bauer, Corporate Communications, 416-926-2020