COLABOR ACQUIRES MORE THAN 97% OF SKOR SHARES FOLLOWING ITS TAKE-OVER BID - CHANGES TO THE DIRECTORS OF SKOR FOLLOWING THIS ACQU
09 Mayo 2011 - 6:23PM
PR Newswire (Canada)
BOUCHERVILLE, QC AND VAUGHAN, ON, May 9 /CNW/ -- BOUCHERVILLE, QC
AND VAUGHAN, ON, May 9 /CNW Telbec/ - Colabor Group Inc. (TSX: GCL)
("Colabor") and The SKOR Food Group Inc. (TSXV:SKF) ("SKOR")
announced today that, as of May 9, 2011, 2278988 Ontario Inc., a
wholly-owned subsidiary of Colabor (the "Offeror"), has taken up
and will pay for and acquire 26,040,906 common shares of SKOR
(the "SKOR Shares"), representing approximately 97.4% of the
outstanding SKOR Shares, pursuant to the March 30, 2011 offer, by
way of a take-over bid, to acquire all of the issued and
outstanding SKOR Shares for $1.33 per share (the "Offer"). The
Offeror intends to acquire all outstanding SKOR Shares not
deposited in the Offer pursuant to a compulsory acquisition under
the Business Corporations Act (Ontario), as described in the Offer
documents of March 30, 2010. On May 9, 2011, all of the existing
directors of SKOR have resigned, in accordance with the Support
Agreement entered into between Colabor and SKOR, and have been
replaced by the directors of Colabor, namely Messrs. Donald Dubé,
Claude Gariépy, Richard Lord, Jacques Landreville and Robert
Panet-Raymond. In addition, Mr. Vince Capobianco has resigned as
President and Chief Executive Officer of SKOR. Mr. Gilles C.
Lachance, President and Chief Executive Officer of Colabor will
become President of SKOR and of its subsidiaries. Mr. Steve Corvese
will continue on in his functions as Vice President of SKOR and of
its subsidiaries and Mr. Bryan Knebel will continue on in his
functions as Chief Financial Officer of SKOR. Mr. Gilles C.
Lachance indicated that: "This transaction will allow Colabor to
expand its product offering, customer base and footprint in Ontario
and is expected to be immediately accretive to the net earnings of
Colabor, before accounting for synergies". Mr. Corvese added that:
"His team is looking forward to joining efforts with the Colabor
team to further penetrate the Ontario market and bring their joint
activities to the next level". ABOUT THE OFFER The details of the
Offer are contained in a take-over bid circular and related
documents, dated March 30, 2011 which have been filed on SEDAR.
SKOR shareholders may obtain a copy of the take-over bid circular,
letter of transmittal, notice of guaranteed delivery and SKOR's
Directors' Circular from the SEDAR website. The Depositary for the
Offer is Equity Financial Trust Company. Inquiries should be
directed to the Depositary toll-free at 1-866-393-4891 or
investor@equityfinancialtrust.com 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 February 28, 2011, SKOR recorded $138.1 million in
sales and $4.7 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/May2011/09/c2885.html
table border="0" valign="top" tr td bColabor Group Inc.
/b /td td bMaisonBrison Inc./b /td /tr tr
td /td /tr tr td bGilles C. Lachance
/bbr/ President and Chief Executive
Officerbr/ Tel. 450-449-0026 ext. 265br/ Fax 450-449-6180br/ a
href="mailto:glachance@colabor.com"glachance@colabor.com/a
/td td bMartin Goulet, CFA/bbr/ 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 /td /tr tr td 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@colabor.com/a /td /tr tr
td /td /tr tr td bThe Skor Food Group Inc./bbr/ bSteve
Corvese/bbr/ Vice Presidentbr/ Tel. 905-660-1212 ext. 323br/ a
href="mailto:stevec@skorfoodgroup.com"stevec@skorfoodgroup.com/a
/td /tr /table br/ p /p
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