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Moody's Investors Service today upgraded the rating on Imasco's US$ commercial paper programme to Prime-1 from Prime-2. The rating action follows the announcement that Imasco's shareholders voted in favour of the offer made by British American Tobacco Plc (quote from Yahoo! UK & Ireland: BATS.L) to buy the 58% of shares it did not already own for a total consideration of C$10.68 billion.
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Imperial Tobacco Canada Limited ("Imperial Tobacco"), the successor corporation to Imasco Limited ("Imasco"), announced today that the capital reorganisation, which was overwhelmingly approved by the shareholders of Imasco at the special meeting of shareholders held on Friday, 28th January 2000, was successfully completed today. Shareholders of Imasco are to receive C$41.60 for each of their Imasco shares. As a result of the capital reorganisation, all of the outstanding shares of Imperial Tobacco are now held indirectly by British American Tobacco plc.
Mr. Verdun, a noted critic of some of the practices of the chartered banks, has written to Paul Martin, Minister of Finance, and Alan Rock, Minister of Health, expressing his concerns about aspects of the proposed $7.85-billion takeover of Canada Trust by Toronto-Dominion Bank . . "Mr. Rock, your publicly funded advertisements describe the tobacco industry as a business without a conscience. Mr. Martin, your department has allowed Canada's largest tobacco company, Imasco, to amass a business empire that ignores the most basic principle of democracy in its flagrant assault on the rights of shareholders," said Mr. Verdun, in part of his four-page letter to the two ministers touted as the front-runners ]to succeed Jean Chretien. [This graph only
Standard & Poor's today revised its outlook on British American Tobacco PLC (BAT) and related entities to stable from negative.
At the same time, Standard & Poor's affirmed its ratings on the companies (see list below.)
Standard & Poor's also revised its outlook on Imasco Ltd. to stable from negative, and affirmed its single-'A' long-term and 'A-1' short-term ratings on the company. (See today's related press release.)
In August 1999, the outlook on BAT was revised to negative from stable owing to uncertainty regarding the disposals of Imasco businesses Shoppers Drug Mart/Pharmaprix and Genstar Development Co.
British American Tobacco Plc (quote from Yahoo! UK & Ireland: BATS.L) raised its bid for Canadian conglomerate Imasco Ltd. (Toronto:IMS.TO - news) on Thursday and said it agreed to sell the Montreal company's Shoppers Drug Mart pharmacy chain to a group led by U.S. leveraged buyout firm Kohlberg Kravis Roberts & Co.
British American Tobacco Plc on Thursday raised its agreed bid for Canadian conglomerate Imasco Ltd (Toronto:IMS.TO - news) as the world's number two cigarette company agreed the sale of Imasco's drug store chain Shoppers Drug Mart.
Imasco Ltd. (T.IMS) said British American Tobacco p.l.c. (BTI) is mailing a proxy circular to its shareholders Monday relating to the proposed acquisition by BAT of the 58% of Imasco it doesn't already own.
In a news release, Imasco said the extraordinary general meeting of BAT shareholders to vote on the proposed acquisition will be held Oct. 15.
As reported, Imasco announced in early August a going-private agreement with BAT, under which BAT would offer at least C$40 a share for the remaining stake in Imasco.