X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EDEN PRAIRIE, MN-Best Buy Co. says it won clearance from the Canadian Competition Bureau for its $377-million acquisition bid for Future Shop Ltd., the big consumer electronics retailer in Canada. The consumer electronics retailer recently decided to buy the 91-store Canadian chain in lieu of plans to build 65 stores in Canada.

The deal initially had been expected to be complete last month before it wasdelayed by regulatory review. The takeover bid for all issued and outstanding common shares of Future Shop at $10.79 per share is scheduled to expire Oct. 31. The company anticipates that all conditions to the takeover bid will be satisfied by the expiration date, including the required approvals by Canadian Heritage and Industry Canada.

Once that is done, Best Buy will be able to complete the deal.

Best Buy, which recently bought the Musicland chain, has 1,700 stores.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.