The Reject Shop set to be sold in $259 million deal with Canadian giant

Retail chain of discounts of discounts The refusal shop has agreed with an acquisition of $ 259 million by the Dollama Canadian value dealer, with his greatest shareholder already reported, he will support the agreement.

Dollarama, which is based in Montreal and listed on the Toronto Stock Exchange, offered to pay the shareholders of the refusal shop $ 6.68 in cash per share, more than double the closing price of $ 3.15 of the title Wednesday. The Australian Discounter Council advised shareholders to support the acquisition in a special meeting of the June shareholders.

The president of the Board of Directors Steven Fisher called the Canadian bid a “milestone” for the company.

“The Council believes that the proposed transaction will benefit from both the shareholders and the interested parties of the refusal store and is in line with the priority of the Board of Directors to provide value for shareholders,” he said in a statement to the ASX on Thursday morning.

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The largest shareholder of the refusal store, Kin Group, who has about 20.8 percent of the discounts of discounts, said he sold his actions to the Canadian suitor if an independent expert concludes that the agreement is in the best interest of shareholders.

The acquisition, if approved by the shareholders, should be completed in the second half of this year.

The refusal shop has 390 comfortable shops throughout Australia. Dollama, which manages a chain of over 1600 stores in Canada that sell items up to $ c5 ($ 5.56) each and also controls a chain of 588 discount stores in Colombia, Guatemala, El Salvador and Peru, which was the “right opportunity to expand in new geographies and build on our track record as a leading reseller in Canada and Latina in Latin” CEO, according to his CEO.

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