This article was last updated on April 16, 2022
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In a statement released by the companies on Friday, it was alleged that Loblaw Cos. plans to “change the retail landscape in Canada” through its acquisition of Shoppers Drug Mart Corp. for $12.4 billion in a cash and stock that merges two of Canada’s biggest retailers. The country’s largest supermarket company by market value, Loblaw, has declared to pay a sum of $61.54 per share for the leading Canadian drugstore chain. Consequently, it shows that a 27 per cent premium to the last closing price, Bloomberg business wire reports.
Executive chairman of Loblaw, Galen G. Weston, mentioned in a statement that “this transformational partnership changes the retail landscape in Canada.” He added that “with scale and capability, we will be able to accelerate our momentum and strengthen our position in the increasingly competitive marketplace.” In the official statement submitted by Loblaw, the company noted that it hopes to get the benefits of the deal by aiming to “create a unique retailer with unmatched capabilities in health & wellness and nutrition.” It was added that “Loblaw gains powerful footprint in the important and growing small-urban store sector.”
Furthermore, Weston expected that “this combination creates a compelling new blueprint for the future, positioning us to capitalize on important trends in society, from the emphasis on health, wellness and nutrition, to the imperatives of value and convenience.” The statement also revealed that Shoppers Drug Mart will be keeping its name and brand, though it will begin operations as a separate division of Loblaw.
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