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.
Target sets sustainability benchmark in Canada
Sales at Target stores in Canada have been a little uneven since the company entered the market earlier this year, but at least the company can point to an unrivaled environmental accomplishment.
All Target stores in Canada are now LEED (Leadership in Energy & Environmental Design) certified, a first for a major retailer in Canada. By year end, Target expects to have 124 stores open in Canada and all are expected to have the U.S. Green Building Council’s LEED certification. The retailer is taking advantage of the USGBC’s Volume Program which streamlines the certification process for buildings in both Canada and the U.S.
"Environmental sustainability at Target is fundamental to our business, and we have been working hard in Canada over the past few years to open our most sustainable collection of stores to date," said Derek Jenkins, SVP of external relations for Target Canada. "We are confident that all 124 store locations opening this year will be awarded LEED certification, making Target a leader among Canadian mass retailers when it comes to having sustainable store buildings."
In order to obtain certification, remaining Target stores will undergo various rounds of audits throughout 2013, which must meet stringent criteria across five LEED categories including: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.
Duck Tape hits the road in interactive bus
Duck brand is hitting the road in its custom, bright green, 31-foot Duck Bus and heading to Burnham Park in Chicago as part of the Duck Tape "Rolls Across America” tour.
The mobile experience rolls into Chicago as part of the 2013 National Red Bull Flugtag, which will take place at Burnham Park on Sept. 21. In addition to the tour stop, Duck Tape is one of the official partners of the five-city Red Bull competition in which more than 150 teams will compete for top prizes by launching homemade, human-powered gliders off a 30-foot-high flight deck while making the "biggest splash in aviation history."
The Duck Tape partnership celebrates the spirit and ingenuity of the participating teams, and will also give Flugtag pilots and their teams access to Duck Tape via a hangar repair station for last-minute fixes to their crafts prior to launch.
While these teams make their final adjustments, spectators are encouraged to visit the Duck Bus to learn more about the Duck Tape brand, making their own crafts check out creations made by duct tape enthusiasts nationwide.
"Red Bull Flugtag celebrates creativity and resourcefulness, two characteristics inherent in our brand," said Bill Kahl, EVP of marketing for ShurTech Brands, Duck Tape’s parent company. "We are thrilled to partner with Red Bull for this historic event."
The Duck Bus will be at Burnham Park for National Red Bull Flugtag on Sept. 21 from 1-5 p.m.