Supreme Court of British Columbia approves Pet Valu's plan of arrangement

    MARKHAM, ON, Aug. 26 /CNW/ - Pet Valu, Inc. ("PVI") and Pet Valu Canada
Inc. ("PVCI") (collectively, "Pet Valu") (TSX: PVC) today announced that the
Supreme Court of British Columbia has issued a final order approving the
previously-announced plan of arrangement pursuant to which affiliates of Roark
Capital Partners II AIV AG, L.P. ("Roark") will acquire all of the issued and
outstanding exchangeable shares of PVCI ("Exchangeable Shares") (other than
the Exchangeable Shares held by PVI). Assuming all other conditions of closing
are satisfied or waived, Pet Valu expects the Arrangement to be completed at
or about the end of August 2009. Under the terms of the Arrangement, holders
of Exchangeable Shares will receive $13.68 in cash for each Exchangeable

    About Pet Valu

    Founded in 1976 and headquartered in Markham, Ontario, Pet Valu is
Canada's leading small-format specialty retailer and wholesale distributor of
pet food and pet-related supplies, with 295 corporate and franchised stores in
Ontario and Manitoba, and 61 U.S. stores located in Pennsylvania, New Jersey,
Virginia and Maryland. Pet Valu's products include dog, cat and other pet
foods as well as non-food products such as collars, leashes, pet cages and
toys. For more information, please visit


    This news release contains forward-looking statements and forward-looking
information (collectively, "forward-looking statements"). Forward-looking
statements are based on estimates and assumptions made by Pet Valu in light of
its experience and perception of historical trends, current conditions and
expected future developments, as well as other factors they believe are
appropriate in the circumstances. Such forward-looking statements are not a
guarantee of performance and are subject to a number of uncertainties,
assumptions, and other factors, many of which are outside the control of Pet
Valu and could cause actual results to differ materially from those expressed
or implied by such forward-looking statements. Important factors that could
cause actual results to differ materially from those expressed or implied by
such forward-looking statements include, among other things: the parties'
ability to close the Arrangement in the time period anticipated, if at all,
which is dependent upon the parties' ability to comply with the closing
conditions to the Arrangement, some of which are beyond the control of the
parties; Roark's ability to obtain financing for the Arrangement; and other
risks relating to the business and industry of Pet Valu that are detailed from
time to time in Pet Valu's filings with the Canadian provincial securities
regulators. Pet Valu cautions you that this is not an exhaustive list of
factors that may affect the forward-looking statements in this news release.
Pet Valu cautions you not to place undue reliance upon any such
forward-looking statements, which speak only as of the date they are made.
Except as may be required by applicable law, Pet Valu has no intention and
specifically disclaims any obligation to update or revise any forward-looking
statement, even if new information becomes available, as a result of future
events or for any other reason.

For further information:

For further information: C. Ian Ross, Chairman, (905) 946-1200 (ext.

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