Pedestrians walk in front of a Sleep Country Canada store on Yonge Street in Toronto on Oct. 19, 2021. The Canadian Press/Evan Buller, The Canadian Press
Canadian insurance conglomerate Fairfax Financial’s (FFH.TO) $1.7 billion acquisition of Sleep Country Canada (ZZZ.TO) has been approved by the country’s competition regulator, according to a press release late Monday.
The Competition Bureau’s decision gives Sleep Country shareholders permission to vote on the plan at an extraordinary general meeting scheduled for September 18.
Under the agreement, Fairfax will purchase all of Sleep Country’s outstanding shares for $35 per common share in cash, a price the company said represents a 28 percent premium to the company’s closing price on July 19, the trading session immediately prior to the deal’s announcement last month.
Sleep Country said the transaction was recommended by its board of directors, which unanimously determined that the transaction is in the best interests of its stockholders.
Sleep Country was founded in Vancouver in 1994. The specialty retailer says it operates 305 company-owned stores and 19 warehouses across Canada.
More to come later.
Jeff Lagerquist is a senior reporter for Yahoo Finance Canada. Follow him on Twitter. Jeff Lagerquist.
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