Canada Bread to be sold for $1.83 billion to Mexico's Grupo Bimbo
TORONTO - A Mexican company is buying Canada Bread (TSX:CBY) in a deal valued at $1.83 billion with the support of its parent Maple Leaf Foods (TSX:MFI).
Grupo Bimbo is offering $72 per cash for all shares of Canada Bread, maker of Dempsters and other food brands.
That's about seven per cent above Canada Bread's recent stock price and 31 per cent higher than when it was put up for sale.
Canada Bread and Maple Leaf said in October that they were looking for a buyer at the right price.
Canada Bread shares closed Tuesday at $67.26, up from $61.25 on Oct. 18. Maple Leaf shares closed Tuesday at $15.84, up from $13.30 on Oct. 18.
Read more Business News
- Smith Creek fireWest Kelowna
- Washington State fire updatePenticton / S. Okanagan
- BC tankers assist US firePenticton / S. Okanagan
- Stolen truck smashes storeCentral Okanagan
|QHR Technologies Inc||1.19||+0.04|
|Anavex Life Sciences||0.33||-0.018|
|Copper Mountain Mining||2.83||+0.14|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.19||+0.01|
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...
Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...