Toronto -- Shareholders of Canada’s Shoppers Drug Mart voted in favor of the drugstore chain’s proposed acquisition by Loblaw Cos.
The transaction was approved by approximately 99.89% of the votes cast by all of the Shoppers Drug Mart shareholders eligible to vote.
As previously reported, Loblaw Cos. and Shoppers Drug Mart announced on July 15 a definitive agreement under which Loblaw will acquire Shoppers Drug Mart for C$12.4 billion in cash and stock.
Completion of the deal remains conditional on approval by the Ontario Superior Court of Justice, compliance with the Competition Act and certain other closing conditions.
Subject to obtaining such court approvals, and the satisfaction or waiver of all other conditions, the transaction is expected to close before the end of first quarter 2014.