Canada Bread has announced that its shareholders have approved the company’s proposed sale to a wholly-owned subsidiary of Grupo Bimbo.
At a special meeting on 3 April, the deal received approval from shareholders holding around 99.98% of the common shares of Canada Bread.
Expected to close in the second quarter of 2014, the transaction is subject to a final order of the Ontario Superior Court of Justice and approval under the Investment Canada Act.
Last month, the deal received approvals from the US Department of Justice (DOJ) under the Hart-Scott-Rodino Act and the Canadian Competition Bureau.
Canada Bread is the bakery products unit of Ontario-headquartered Maple Leaf Foods, which holds 90% of the company.
The company offers sliced bread, buns, bagels, English muffins and tortillas in Canada, frozen bread in North America and specialty bakery goods in the UK.
