Empire Gets Court OK to Take Sobeys Private

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Empire Gets Court OK to Take Sobeys Private

06/15/2007
STELLARTON, N.S. -- Empire Co., Ltd. has received the go-ahead from the Supreme Court of Nova Scotia to take its Sobeys, Inc. supermarket chain subsidiary private.

The plan calls for Empire, which is controlled by members of the Sobey family, to buy the shares of Sobeys it doesn't already own, for CAN $58 each (US $54). Empire now owns a 72.1 per cent stake in Sobeys, whose shareholders voted in favor of the plan on Sunday.

The transaction is expected to close at close of business today.