Montreal, September 27, 2017– The Jean Coutu Group (PJC) Inc. (TSX: PJC.A) and METRO Inc. (TSX: MRU) have announced today that they are engaged in exclusive discussions regarding a combination agreement through which the shares of the Jean Coutu Group would be acquired by METRO at a price of $24.50 per share, payable through a combination of cash, as to 75% of the consideration, and METRO shares, as to 25% of the consideration. This price was established in the course of negotiations between the parties preceding the execution of a non binding letter of intent dated August 22, 2017. The Coutu family has indicated its intention to support the proposed transaction.
The transaction remains subject to the negotiation of definitive agreements. Any definitive transaction will be subject to regulatory approvals and other conditions usual in this type of transaction. There are no guarantees that any transaction will be concluded and that the conditions to which it is subject would be met. The Jean Coutu Group and METRO will inform stakeholders and the public of significant developments regarding the proposed combination.
The parties will not comment any further.
This press release contains forward-looking statements that involve risks and uncertainties, and which are based on Metro and the Jean Coutu Group’s current expectations, estimates, projections and assumptions that were made by Metro and the Jean Coutu Group in light of their experience and perception of historical trends. The forward-looking statements in this press release reflect Metro and the Jean Coutu Group’s expectations as of the date hereof and are subject to change after such date. Metro and the Jean Coutu Group expressly disclaim any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
Hélène Bisson, Vice President, Communications, The Jean Coutu Group (PJC) Inc.
Marie-Claude Bacon, Senior Director, Corporate Affairs Department, METRO Inc.