Best Buy to Extend Offer for Future Shop Common Stock28 Sep, 2001 By: Hive News
Best Buy Co. Inc. and Future Shop Ltd. Friday said thatBest Buy will extend its takeover bid for all common shares of Burnaby, B.C.-based Future Shop because the transaction has not yet been cleared by Canadian regulators.
Following the extension, the takeover bid will expire at 5 p.m., Vancouver time, on Oct. 31, 2001, unless it is extended further in accordance with the terms of the takeover bid. The takeover was originally scheduled to expire on Oct. 4.
"The Competition Bureau has indicated to us that they expect the review process will be completed within their normal timetable, which would be in early November. However, based on discussions with the Bureau, we are reasonably optimistic that the review process will be completed by the end of October," said Brad Anderson, vice chairman, president and c.o.o. of Best Buy.
The takeover bid circular, the directors' circular and certain related documents are available at the Canadian Securities Administrator's Web site at www.sedar.com and may be obtained from thedealer manager or the information agent for the takeover bid, as set forth in the documents.
The takeover bid is subjectto certain conditions described in the takeover bid circular, such as receipt of requisite regulatoryclearances and there being tendered at least 66 2/3% of Future Shop's outstanding shares on a fully diluted basis.