Maple Leaf Foods Inc. Announces Successful Completion Of Offers To Purchase All Of The Class A Common Shares And Class B Common Shares Of The Landmark Group Inc.
TORONTO, ONTARIO--3585557 Canada Inc. ("3585557"), a wholly owned subsidiary of
Maple Leaf Foods Inc. (TSE: MFI) today announced that approximately 21.2
million Class A common shares (representing approximately 94.4% of the issued
and outstanding Class A common shares) and 187,500 Class B common shares
(representing 100% of the Class B common shares) of The Landmark Group Inc.
(the "Landmark Group") have been deposited under the previously announced
offers by 3585557, to acquire all of the Class A common shares and Class B
common shares of the Landmark Group at $1.25 per share. The offers, which were
subject to certain conditions, expired at 4:00 p.m. (Toronto time) on October
13, 1999, at which time all of the terms and conditions of each of the offers
had been complied with or waived.
3585557 is taking up all of the shares validly deposited under the offers to
date. Other shareholders of Class A shares have indicated their intention to
deposit a further 1.0 million shares to the bid and are in the process of
finalizing the required documentation. When taken together with the 61,621,056
Class C common shares which Maple Leaf Foods will acquire indirectly by
acquiring all the outstanding shares of Landmark Western Holdings Ltd., of The
Landmark Group Inc., the sole shareholder of the Class C common shares, which
will close tomorrow, Maple Leaf Foods will own through wholly owned
subsidiaries approximately 99.75% of the outstanding shares. As part of the
transaction, shareholders of Landmark Western Holdings Ltd. have elected to
take 571,500 shares of Maple Leaf Foods as partial consideration for their
In order to permit remaining shareholders of Class A common shares to tender,
the offer for the Class A common shares (the "Class A Offer") is being extended
and will remain open for acceptance until 4:00 p.m. (Toronto time) on October
28, 1999, unless withdrawn or extended. As more than 90% of the Class A Common
shares of the Landmark Group have been deposited under the offers, upon the
expiry of the Class A Offer, 3585557 intends to exercise its right to
compulsorily acquire the remaining issued and outstanding Class A common shares
of the Landmark Group in accordance with the provisions of applicable law.
Maple Leaf Foods is a leading Canadian food processor. Headquartered in
Toronto, Ontario, the company employs more than 12,000 people at its operations
across Canada, and in the United States, Europe, and Asia.
The Landmark Group Inc. has been involved in various aspects of animal
agriculture in Western Canada for more than 40 years. The group includes
Landmark Feeds Inc., a leading manufacturer and provider of feed for all
species of livestock and Elite Swine Inc. a hog marketing, feed
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