HALIFAX, June 13 /CNW/ - Empire Company Limited ("Empire") and Sobeys
Inc. ("Sobeys") announced today that the Supreme Court of Nova Scotia has
given its sanction to the previously announced plan of arrangement pursuant to
which Empire will acquire all of the outstanding common shares of Sobeys that
it did not previously own at a price of $58.00 per share. Empire currently
owns 72.1 percent of the issued and outstanding shares of Sobeys.
The plan of arrangement was approved by the Sobeys shareholders on
June 9, 2007, and will become effective upon registration of the final Court
order with the Nova Scotia Registry of Joint Stock Companies, which Sobeys
expects will occur after the close of business on June 15, 2007.
The Sobeys common shares will be delisted from the Toronto Stock Exchange
upon the plan of arrangement becoming effective. CIBC Mellon Trust Company,
the depositary for the transaction, will then distribute a letter of
transmittal containing instructions for the return of share certificates and
receipt of payment to shareholders of record as of the effective time of the
plan of arrangement. Shareholders who hold Sobeys common shares through a
broker or other intermediary should contact their broker or intermediary for
details on receipt of payment for their shares.
Empire Company Limited (TSX: EMP.A) is a Canadian company headquartered
in Stellarton, Nova Scotia. Empire's key businesses include food retailing,
real estate, and corporate investment activities. With approximately
$13.2 billion in annual revenue and $5.1 billion in assets, Empire employs
approximately 37,000 people directly and through its subsidiaries. More
information about Empire Company can be found at www.empireco.ca.
Sobeys Inc., (TSX: SBY) headquartered in Stellarton, Nova Scotia, is a
leading national grocery retailer and food distributor. Sobeys owns or
franchises more than 1,300 stores in all 10 provinces under retail banners
that include Sobeys, IGA, Foodland, Price Chopper food stores and Lawton's
Drug Stores. The Company is committed to providing the most worthwhile
experience for its customers, employees, franchises, suppliers and
shareholders. More information on Sobeys can be found at www.sobeys.com.
This news release contains "forward-looking statements" regarding a going
private transaction. Readers are cautioned not to place undue reliance on such
forward-looking statements. Actual results and developments may differ
materially from those contemplated by these statements depending on a number
of risks and uncertainties, including certain risks that the plan of
arrangement may not be completed as planned.
The forward-looking statements contained in this document are made as of
the date of this document and neither Sobeys nor Empire undertakes any
obligation to update publicly or revise any of the forward-looking statements
contained in this news release, except as required by law.
For further information:
For further information: Paul Jewer, Vice President, Finance &
Treasurer, Sobeys Inc., (902) 752-8371 ext. 2220; Stewart H. Mahoney, Vice
President, Treasury & Investor Relations, Empire Company Limited, (902)