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Shoppers Drug Mart investors okay takeover by Loblaw

Published: 14:24 12 Sep 2013 EDT

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Shareholders of Shoppers Drug Mart Corp. (TSE:SC), Canada's largest chain of pharmacy stores, voted to approve a takeover by Loblaw Cos. Ltd. (TSE:L), the country's largest grocery retailer.

The acquisition was approved by approximately 99.89 percent of the votes cast by all of Shoppers' shareholders eligible to vote at a meeting held today, Toronto, Ontario-based Shoppers said in a statement.

The takeover will be completed before the end of the first quarter of 2004, it said.

The proposed $12.4-billion transaction, announced in July, will keep the Shoppers brand name in place. Shoppers will operate as separate division of Brampton, Ontario-based Loblaw.

Shoppers sank 0.6 percent to C$59.11 at 2:06 p.m. in Toronto. Loblaw dipped 1.5 percent to C$45.35.

 

 

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