COLABOR TO FURTHER EXPAND ITS PRESENCE IN ONTARIO WITH TAKE-OVER BID FOR THE SKOR FOOD GROUP
22 Março 2011 - 7:11PM
PR Newswire (Canada)
BOUCHERVILLE, QC AND VAUGHAN, ON, March 22 /CNW/ -- BOUCHERVILLE,
QC AND VAUGHAN, ON, March 22 /CNW Telbec/ - Colabor Group Inc.
(TSX: GCL) ("Colabor" or the "Company") and The SKOR Food Group
Inc. (TSXV: SKF) ("SKOR") announced today that they have entered
into a support agreement dated March 22, 2011 (the "Support
Agreement") pursuant to which Colabor has agreed to make an offer
(the "Offer"), by way of a take-over bid, to acquire all of the
issued and outstanding common shares of SKOR for $1.33 in cash per
share, including common shares issued pursuant to the exercise of
outstanding options of SKOR. SKOR's Board of Directors has agreed
to unanimously recommend that SKOR shareholders tender their shares
to the Offer. SKOR's two principal shareholders, together
controlling approximately 60% of the common shares outstanding,
have entered into an agreement with Colabor pursuant to which they
have agreed to irrevocably tender their SKOR shares to the Offer.
As outlined in the Support Agreement, Colabor has agreed to make an
offer to purchase all of the issued and outstanding common shares
of SKOR at a price of $1.33 per share, payable in cash, which
represents a premium of 89% over the 30-day volume-weighted average
trading price of the shares. The offer represents a total purchase
price of $35.6 million, before taking into consideration SKOR's net
cash on hand. "The combination of SKOR's market and operating
strengths with ours represents an extremely attractive opportunity
for Colabor to expand its product offering, customer base and
footprint in Ontario" said Gilles C. Lachance, President and Chief
Executive Officer of Colabor. "This transaction adds critical mass
within our core market, presents significant synergistic
opportunities and positions Colabor to take advantage of future
market consolidation. The transaction is expected to be immediately
accretive to net earnings before accounting for synergies." "We are
thrilled to be joining with one of Canada's leading food
distribution companies. Colabor and SKOR share a very similar
culture and values. Combining the expertise of both companies will
allow us to increase our scale to further penetrate the market and
bring SKOR to the next level," said Vince Capobianco, President and
Chief Executive Officer of SKOR. SKOR's Board of Directors has
unanimously recommended that SKOR shareholders tender their shares
under the Offer, based in part on an opinion from its financial
advisor that the consideration to be received by SKOR shareholders
under the Offer is fair, from a financial point of view. Completion
of the Offer is subject to certain customary conditions, including,
among other things, the tendering by the holders of at least
66(2/3)% of the outstanding SKOR shares and normal course
regulatory approvals. Further, the Support Agreement contains
customary fiduciary out and right to match clauses as well as a
break fee. The Offer will expire on May 5, 2011. Colabor's takeover
bid circular, which contains all the terms of the Offer, and SKOR's
directors' circular, are expected to be mailed to SKOR's
shareholders on or about March 30, 2011. A copy of such circulars
will also be available on SEDAR, at www.sedar.com. National Bank
Financial Inc. acted as financial advisor and McCarthy Tétrault LLP
is acting as legal advisor to Colabor. Cassels Brock &
Blackwell LLP is acting as legal advisor to SKOR. ABOUT COLABOR
Colabor is a wholesaler and distributor of food and non-food
products serving the retail market (grocery stores, convenience
stores, etc.) and the foodservice market (cafeterias, restaurants,
hotels, restaurant chains, etc.), in Quebec, Ontario and the
Atlantic provinces. ABOUT SKOR Headquartered in Vaughan, Ontario,
SKOR is a vertically integrated full service wholesale food
supplier to the food service and retail industries. Through its
three operating divisions, SKOR Foodservice, SKOR Wholesale
Marketplace, and SKOR Culinary Concepts, SKOR services a wide range
of multi location food service establishments, quick service
restaurant chains, day care facilities, government institutions,
independent food service operators, independent grocery stores as
well as vending operators and convenience stores in Ontario and
Quebec. For the twelve month period ending November 30, 2010, SKOR
recorded $139.5 million in sales and $4.5 million in EBITDA. It
employs approximately 200 people in its 200,000 square feet
warehouse located in Vaughan, its six "cash & carry" locations
and its four other facilities principally located in Southern
Ontario. FORWARD-LOOKING STATEMENTS This release may contain
forward-looking statements reflecting Colabor's opinions or current
expectations concerning Colabor's and SKOR's business operations
and future events. These statements are subject to risks,
uncertainties and assumptions. Actual results or events may differ.
Further information can be found in the disclosure documents to be
filed by Colabor with the securities regulatory authorities,
available at www.sedar.com. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. To view this news release
in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/March2011/22/c5540.html table
border="0" valign="top" tr td align="left" bColabor Group Inc.
/b /td td align="left" valign="top"
bMaisonBrison Inc./b /td /tr tr td align="left" /td td
align="right" /td /tr tr td align="left" bGilles C. Lachance
/b /td td align="left" valign="top" bMartin
Goulet, CFA/b /td /tr tr td align="left" President and Chief
Executive Officerbr/ Tel. 450-449-0026 ext. 265br/ Fax
450-449-6180br/ a
href="mailto:glachance@colabor.com"glachance@colabor.co/aa
href="mailto:glachance@colabor.com"m/a /td td
align="left" valign="top" Senior Vice-President, Investor
Relationsbr/ Tel. 514-731-0000 ext. 229br/ Fax 514-731-4525br/ a
href="mailto:martin@maisonbrison.com"martin@maisonbrison.com/a /td
/tr tr td align="left" /td td align="right" /td /tr
tr td align="left" bMichel Loignon, CA/bbr/ Vice-President and
Chief Financial Officerbr/ Tel. 450-449-0026 ext. 235br/ Fax
450-449-6180br/ a
href="mailto:mloignon@colabor.com"mloignon@colabo/aa
href="mailto:mloignon@colabor.com"r.com/a /td td align="right" br/
br/ br/ br/ /td /tr tr td align="left" /td td align="right"
/td /tr tr td align="left" bThe Skor Food Group Inc./b /td
td align="right" /td /tr tr td align="left" /td /tr
tr td align="left" bVince Capobianco/bbr/ President and Chief
Executive Officerbr/ Tel. 905-660-1212 ext. 234br/ a
href="mailto:vincec@skorfoodgroup.com"vincec@skorfoo/aa
href="mailto:vincec@skorfoodgroup.com"dgroup.com/a /td /tr /table
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