Posted by Editor on 05/9/11
Canadian Tire has made a successful friendly bid for the Forzani Group. Both companies announced today that Canadian Tire is offering $26.50 in cash per share, for a deal with an estimated total value of $771 million.
The deal will combine Canadian Tire's more than 1000 general sporting goods and automotive outlets with the 500-plus sporting goods stores of Forzani, which includes chains operating under the names Sport Chek and Sports Experts. Together, they will extend Canadian Tire's footprint as the largest retailer of bicycles in Canada.
Further information on the acquisition can be found at The Globe and Mail.
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