Caisse seeks better bid for Provigo

Article Abstract:

Caisse de depot et placement du Quebec, a giant pension fund manager, is suggesting that it gets a better offer from Toronto, Ontario-based Loblaw Companies Ltd. for the Montreal, Quebec-based Provigo. Caisse, which controls 35.7% interest in the grocery chain on a fully diluted basis, wants Loblaw to better its C$1.6 billion offer for Provigo, or it might consider an offer from other potential buyers. Loblaw's bid is to acquire each Provigo share for C$7.25 in cash and 0.25 Loblaw shares. If Loblaw takes over Provigo, the deal would create the largest grocery chain in Canada, with sales of C$17 billion annually.

Comment:

Is sought by Provigo's 35.7% stake holder, Caisse, to better its C$1.6 billion offer for Montreal, Quebec-based Provigo

Grocery Stores, Supermarkets and Other Grocery (except Convenience) Stores, Stockholder data, Loblaw Companies Ltd., Provigo Inc.

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Armstrong World drops 16-month battle for Domco

Article Abstract:

Armstrong World Industries Inc. has abandoned its 16-month bid to take control of Quebec-based linoleum maker Domco Inc. But the Lancaster, PA-based flooring company hinted that its takeover attempt, which had been persistently rejected by Domco, may not be over. Armstrong, which offered C$26. 50 per share for Domco, said that the company remains interested in Domco and will re-evaluate its position once the Quebec Securities Commission hands down its decision regarding Armstrong's challenge to German Tarkett AG's bid to acquire a controlling interest in Domco.

Comment:

Abandons 16-month bid to take control of Quebec-based linoleum maker Domco Inc

Diversified Companies, Foreign operations, Pennsylvania, All Other Rubber Product Manufacturing, Rubber Building Products, Armstrong World Industries Inc., Rubber building materials, Domco Inc.

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Desjardins leery of acquisitions

Article Abstract:

Desjardins Laurentian Financial Corp. of Montreal, Quebec, plans to expand outside of Quebec but is wary of purchasing other firms at current prices. Desjardins' CEO, Michel Therien, says that the firm does not discount the possibility of acquiring another insurance and discount brokerage firm to increase its coverage, but says that the current seller's market is prohibitive of such moves. The firm will instead focus or direct insurance sales and establishing additional "retail" sites similar to the 32 locations run at Eaton's department stores.

Comment:

Plans to expand outside of Quebec but is wary of purchasing other firms at current prices

Insurance Agencies and Brokerages, Insurance Agents & Brokers, Insurance industry, Desjardins Laurentian Financial Corp.

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