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
- Skeet range takes flackCentral Okanagan - 5:00 am
- No use for new taxi charge?Kelowna - 5:00 am
- PIB backtracks on BoonstockPenticton / S. Okanagan
- Missing hiker foundCentral Okanagan - 9:28 am
|QHR Technologies Inc||1.20||0.00|
|Anavex Life Sciences||0.251||-0.0165|
|Copper Mountain Mining||2.84||-0.02|
|Sunrise Resources Ltd||0.035||+0.015|
|Mission Ready Services||0.15||-0.005|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
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...