Canadian court gives OK to Shoppers Drug Mart acquisition

New York -- The Ontario Superior Court of Justice has approved Loblaw Cos.’ acquisition of Shoppers Drug Mart.



Completion of the arrangement remains conditional on compliance with the Competition Act and certain other closing conditions customary in transactions of this nature. The transaction is expected to be completed before the end of first quarter 2014.

As previously reported, Loblaw and Shoppers Drug Mart announced on July 15 the definitive agreement under which Loblaw will acquire Shoppers Drug Mart for C$12.4 billion in cash and stock.