Grupo Bimbo to Acquire Canada Bread
Maple Leaf Foods Inc. announces that Grupo Bimbo, S.A.B. de C.V. of Mexico has agreed to acquire all of the issued and outstanding common shares of Canada Bread Company, Limited for aggregate cash proceeds of $1.83 billion or $72.00 per share pursuant to an arrangement agreement entered into between Canada Bread and Grupo Bimbo. Maple Leaf currently holds approximately 90 percent of the outstanding shares of Canada Bread and has agreed to vote all of such shares in favor of the transaction.
"This transaction maximizes the value of our investment in Canada Bread and focuses Maple Leaf on building its leadership in the consumer packaged meats business," says Michael H. McCain, president and CEO. "Grupo Bimbo is an excellent company with strong values and a global leadership position, with little overlap in our geographic markets. This makes for a highly complementary fit with our bakery operations and is expected to provide exciting opportunities for Canada Bread employees, customers and other business partners."
Related Articles:
Grupo Bimbo CEO Receives Exec of the Year Award
Sara Lee to Sell Business to Grupo Bimbo
Canadians Name Most-Trusted CPG Brands
"This transaction maximizes the value of our investment in Canada Bread and focuses Maple Leaf on building its leadership in the consumer packaged meats business," says Michael H. McCain, president and CEO. "Grupo Bimbo is an excellent company with strong values and a global leadership position, with little overlap in our geographic markets. This makes for a highly complementary fit with our bakery operations and is expected to provide exciting opportunities for Canada Bread employees, customers and other business partners."
Related Articles:
Grupo Bimbo CEO Receives Exec of the Year Award
Sara Lee to Sell Business to Grupo Bimbo
Canadians Name Most-Trusted CPG Brands