TORONTO, March 24, 2014 /CNW/ - Canada Bread Company, Ltd. (CBY: TSX) ("Canada Bread" or the "Company") today announced that further to the previously announced agreement to sell all of the Company's issued and outstanding common shares to Grupo Bimbo, S.A.B. de C.V. of Mexico ("Grupo Bimbo"), that Grupo Bimbo has received clearance from the U.S. Department of Justice under the Hart-Scott-Rodino Act to proceed with the transaction. The Canadian Competition Bureau has previously cleared the transaction.
Subject to regulatory and shareholder approvals, the transaction is expected to close in the second quarter, 2014.
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 is 90% owned by Maple Leaf and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
Forward Looking Statements
This document and statements made in the above noted conference call may contain "forward-looking information" within the meaning of applicable securities law. Such statements include, but are not limited to, statements regarding the timing of the completion of the sale of Canada Bread to Grupo Bimbo as contemplated by the Arrangement Agreement. 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, Limited
For further information:
David Bauer, Corporate Communications