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Best Buy Launches Cash Takeover of Future Shop

23 Aug, 2001 By: Hive News

Best Buy Co. Inc. announced Thursday it has commenced a cash takeover bid for all common shares of Burnaby, BC-based Future Shop Ltd. at a price per share of $17.

This offer is made accordingto the agreement between the Best Buy and Future Shopannounced on Aug. 14.

The takeover bid expires at 5:00 p.m., Vancouver time, on Oct. 4, 2001, unless it is extended by the company under the terms of the takeover bid.

Future Shop shareholders were sent the takeover bid circular, directors' circular and related documents on Thursday.

Future Shop, with 89 stores, is a leading Canadian retailer and e-tailer of Internet and consumer electronic products.

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