BRAMPTON, ON, Aug. 25,
2023 /CNW/ - Loblaw Companies Limited (TSX: L)
("Loblaw") has received notice of an unsolicited mini-tender offer
by TRC Capital Investment Corporation ("TRC Capital") to purchase
up to 1 million Loblaw common shares, or approximately 0.0032% of
the common shares outstanding, at a below-market price of
CAD$111.11 per share.
Loblaw cautions shareholders that the mini-tender offer has been
made at a price below recent market prices, representing a discount
of 4.15% to the closing price of Loblaw's common shares on the
Toronto Stock Exchange on August 15,
2023, the last trading day before the mini-tender offer
commenced.
Loblaw is not associated with TRC Capital or its offer and
does not recommend or endorse this unsolicited mini-tender
offer.
TRC Capital has made similar unsolicited mini-tender offers for
shares of several other public companies. Mini-tender offers are
designed to avoid disclosure and procedural requirements applicable
to most bids under Canadian and U.S. securities regulations. Both
the Canadian Securities Administrators (CSA) and the U.S.
Securities and Exchange Commission (SEC) recommend that investors
exercise caution with mini-tender offers and have expressed serious
concerns about mini-tender offers, including the possibility that
investors might tender to such offers without understanding the
offer price relative to the actual market price of their
securities.
The CSA's long-standing guidance on mini-tenders can be found on
the Ontario Securities Commission website at
www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp.
The SEC has published investor tips about mini-tender offers,
which can be found on its website at
https://www.sec.gov/reportspubs/investor-publications/investorpubsminitend.
Any shareholder considering tendering to TRC Capital's
mini-tender offer should carefully review the TRC Capital offer
documents, obtain current market quotations for their shares and
consult with their broker or financial adviser.
Loblaw requests that a copy of this news release be included in
any distribution of materials relating to TRC Capital's mini-tender
offer for Loblaw's common shares.
According to TRC Capital's offer documents, Loblaw shareholders
who deposit their shares in acceptance of the offer may withdraw
their shares at any time before 12:01
a.m. (Toronto time) on
September 15, 2023, by following the
procedures described in the offer documents.
About Loblaw Companies
Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw provides
Canadians with grocery, pharmacy, health and beauty, apparel,
general merchandise, financial services and wireless mobile
products and services. With more than 2,400 corporate, franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 221,000 full- and part-time
employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well® – puts first the
needs and well-being of Canadians who make one billion transactions
annually in the company's stores. Loblaw is positioned to meet and
exceed those needs in many ways: convenient locations; more than
1,050 grocery stores that span the value spectrum from discount to
specialty; full-service pharmacies at nearly 1,400 Shoppers Drug
Mart® and Pharmaprix® locations and close to
500 Loblaw locations; PC Financial® services; affordable
Joe Fresh® fashion and
family apparel; and four of Canada's top-consumer brands in Life
Brand®, Farmer's MarketTM, no
name® and President's Choice®.
SOURCE Loblaw Companies Limited