Skip to main content

The Globe and Mail

Loblaw closes deal to buy Shoppers Drug Mart

A Shoppers Drug Mart in downtown Toronto on Feb. 6 2014.

Fred Lum/The Globe and Mail

Loblaw Companies Ltd. said Friday it has closed its $12.4-billion cash-and-stock deal to buy Shoppers Drug Mart Corp., eight months after the takeover was first announced.

Under the agreement, which limited the amount of cash available, Shoppers Drug Mart shareholders who chose to receive cash will be paid $49.22 in cash and 0.2592 Loblaw shares for each share.

Shoppers Drug Mart shareholders who did not make a choice will receive $26.53 in cash and 0.7363 Loblaw shares for each share.

Story continues below advertisement

Loblaw received approval last week from the Competition Bureau for the takeover, subject to several conditions including the sale of 18 stores and nine Loblaw-run pharmacies to an independent operator.

The combined company has roughly 2,300 corporate, franchised and associate-owned stores across Canada and nearly 1,800 pharmacies.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.