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Loblaw shareholders approve spin-out of Choice Properties

Shareholders of Loblaw Cos. Ltd. voted in favor of the proposed spin-out of the Canadian retailer's 61.6% interest in Choice Properties Real Estate Investment Trust to Loblaw's parent, George Weston Ltd., according to an Oct. 18 announcement.

A special meeting of shareholders was held on Oct. 18, where a total of 324,981,525 Loblaw shares, representing 97.63% of the votes cast by proxy on the resolution, voted in favor of the deal.

The Ontario Superior Court of Justice will deliver its final hearing on the deal at 10:00 a.m. Toronto time on Oct. 19.

Completion of the transaction remains subject to court approval and other customary closing conditions.

Pursuant to the arrangement, Loblaw's shares will halt trading on Oct. 29. From Oct. 30 to the close of trading on Nov. 1, Loblaw shareholders who sell their shares will sell their shares with the right to receive George Weston shares.

Upon the expected completion of the arrangement, Loblaw shares will resume trading on Nov. 2 without any due bill entitlement.