CWAL Announces Completion of Offer to Acquire Coast Wholesale Appliances Inc.
VANCOUVER, June 20, 2014 /CNW/ - CWAL Investments Ltd. ("CWAL"), a private company owned by Harlow Burrows, Gordon Christoff and Randy Ryzak, announced the successful completion of its offer (the "Offer") to acquire all of the common shares ("Common Shares") of Coast Wholesale Appliances Inc. ("Coast") (TSX: CWA).
CWAL has today taken up the 755,938 Common Shares tendered immediately prior to the expiry of the Offer. CWAL will pay for the Common Shares taken up no later than Wednesday, June 25, 2014. Together with the Common Shares held prior to commencement of the Offer, CWAL and its joint actors now hold 8,101,732 Common Shares, or approximately 80.7% of the issued and outstanding Common Shares.
As disclosed in its take over bid circular dated March 12, 2014, CWAL intends to proceed with a subsequent acquisition transaction to acquire all remaining Common Shares not acquired under the Offer. Further details of the subsequent acquisition transactions will be announced in due course.
RBC Capital Markets acted as financial advisor to CWAL and Cassels Brock & Blackwell LLP acted as legal advisor to CWAL in connection with the Offer.
SOURCE CWAL Investments Ltd.