Shoppers Drug Mart publishes management proxy circular for Loblaw deal
TORONTO — Shoppers Drug Mart has posted on the company's website the management proxy circular relating to the proposed acquisition by Loblaw Cos., the company has announced.
The circular has been mailed to Shoppers Drug Mart's shareholders of record as at Aug. 12.
A special meeting of Shoppers Drug Mart shareholders to consider the acquisition will be held Sept. 12. The transaction, which is subject to customary approvals, is expected to be completed before the end of the first quarter of 2014.
Shoppers Drug Mart has retained Laurel Hill Advisory Group to act as proxy solicitation agent and to respond to inquiries from Shoppers Drug Mart shareholders.
As previously reported, Loblaw plans to acquire Shoppers Drug Mart for C$12.4 billion in cash and stock. The combination is expected to yield annual cost synergies of C$300 million by year three, phased in evenly over the first three years following closing.