21°c Partly cloudy
10°c Sunny
The Canadian Press - ONLINE EDITION
Leon's planned takeover of The Brick clears competition hurdle
CALGARY - Leon's Furniture Ltd. (TSX:LNF) and The Brick Ltd. (TSX:BRK) say a key hurdle has been overcome in the plan for Leon's to take over its rival.
Both companies say the Commissioner of Competition has issued a "no-action" letter, meaning the deal won't be challenged before the Competition Tribunal.
The companies say the takeover of The Brick is now expected to close on March 28.
The Brick's shareholders and warrantholders voted overwhelmingly to approve a takeover offer from Leon's, which announced the friendly deal in November.
Under the deal, Brick shareholders may receive $5.40 in cash per common share or 0.0054 convertible debentures.
For each warrant, the holder may receive $4.40 in cash per warrant or 0.0044 convertible debentures per warrant.
Leon's, founded in 1909 in Welland, Ont., has 76 stores with locations in every province except British Columbia.
The Brick, which opened its first store in Edmonton in 1971, has 230 stores operating under The Brick, United Furniture Warehouse, The Brick Mattress Store and Urban Brick banners.
Note to readers: This is a corrected story. An earlier version said The Brick was buying Leon's but Leon's is purchasing The Brick.
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for today)
Business Highlights
4:40 PM 0___
JPMorgan's Dimon survives shareholder referendum
TAMPA, Fla. (AP) — Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a ...
Poll
Most Popular Business
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Creative industries can fuel a city's economic engine
- Manitoba Movers
- Apple uses companies outside US to avoid paying billions in taxes, Senate inquiry finds
- Bridging the gap
- A look at how the struggling French economy compares to Germany's and Britain's
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- As immigration bill nears committee vote, supporters seek delay in debate over gay spouses
- Apple CEO Cook testifies before Senate panel after report says it avoids billions in taxes
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Holiday pump jump debated
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- Driving downtown development
- Transcona transformation
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Creative industries can fuel a city's economic engine
- 3 Ford owners sue in federal court, saying EcoBoost engine is defective
- Bridging the gap
- Apple uses companies outside US to avoid paying billions in taxes, Senate inquiry finds
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- Raising the rent is a good sign
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Border-fee idea doesn't fly
- Ex-'Pegger seeks to grow local businesses
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- Creative industries can fuel a city's economic engine
- There are lots of I's in 'team'
- Tougher food-safety rules in the works: Agriculture Minister Gerry Ritz
- Late deal in workplace sex-harassment case
- Experts urge buyers to take precautions when buying used cars and trucks
- More than a new boss
- US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Ex-'Pegger seeks to grow local businesses
- Transcona transformation
- Diversification spurs Exchange Income's growth
- Driving downtown development
- Late deal in workplace sex-harassment case
- More than a new boss
- Bridging the gap
- There are lots of I's in 'team'
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- German software firm SAP to recruit hundreds of people with autism for specialist positions
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Winnipeg Boeing plant set to expand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.