TORONTO – Canada Bread Company, Ltd. ("Canada Bread") (TSX:CBY) today announced that, as a result of the impending sale of Canada Bread to Grupo Bimbo, S.A.B. de C.V. ("Grupo Bimbo"), William E. Aziz has decided to resign as a director of Canada Bread.
Canada Bread recently announced that it has entered into an arrangement agreement with Grupo Bimbo, which has agreed to acquire all of the issued and outstanding common shares of Canada Bread for aggregate cash proceeds of $1.83 billion or $72.00 per share. The management information circular providing more information on the transaction is being mailed to shareholders and a special meeting of shareholders to approve the transaction has been called for April 3, 2014. Subject to regulatory approvals and satisfaction of other customary conditions, the transaction is expected to close in the second quarter of 2014.
"I want to sincerely thank Bill for his years of service to the Canada Bread board, and his diligence at ensuring the best interests of the company and all shareholders have been served, especially over the last months as the agreement with Grupo Bimbo was finalized," said Michael H. McCain, chairman, Canada Bread.
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 employs approximately 5,400 people at its bakery operations throughout Canada and in the United States and United Kingdom. Canada Bread is 90% owned by Maple Leaf Foods Inc. and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.
Forward Looking Statements
This document may contain "forward-looking information" within the meaning of applicable securities law. Such "forward-looking information" includes, but is not limited to statements regarding the expected 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
