I @ e IV Release
masco
I
FOR IMMEDIATE RELEASE
Contact: Victor M. Drury - (514) 937-9111
Louise Rousseau - (514) 937-9111
Montreal, June 27, 1983 - In responding to a statement issued Friday
(June 24) by J. Dean Muncaster, President and Chief Executive Officer of
Canadian Tire Corporation, Limited, Paul Pari . Chairman and Chief
-Executive Officer of Imasco Limited, montrial, said: "We at Imasco are
obviously disappointed with the reaction of the senior management group
at Canadian Tire to our recent offer to purchase all of the outstanding
shares of the company."
"We stated at the outset that we were seeking both the support of the
maior voting shareholders and the endorsement of management. It now
appears that such support and endorsement are not forthcoming. In light
of this and in view of the announcement made last Thursday (June 23) by
the trustees of the John W. Billes estate, we have conclude that one or
more of the conditions to our offer will not be satisfied. Therefore, we
do not propose to proceed with our previously announced offer."
'Throughout the negotiations,' Mr. Pari continued, 'we have been keenly
aware of the essential ingredients that have made Canadian Tire one of
.the retail success stories in Canaea. These ingredients i-n a I the able
leadership of the management group, the unique relationship between
management and the associate-dealers, and the employee profit-sharing and
share-ownership plans. As we have mentioned on several occasions, it was
our intention to preserve these relationships and the formulas that have
so obviously contributed to the success of the Canadian.Tire
organization.'
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4, Westmount Square, Montreal, Canada H3Z 2S8 T61.: (514) 937-9111 TcJex 05-24176
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BAT Industries document for Province of British Columbia 12 April 1999

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Commenting on the reported reacticn of Canadian Tire's associate-dealers,
Mr. Murray Koff ler, Chairman of Shoppers Drug Mart, Canada's leading drug
store group with a network of 440 independent pharmacies, said: 'When we
joined the Imasco family, I soon sensed that, despite the initial
apprehension of some of our associates, Imasco fully appreciated the
value of private entrepreneurial initiative, and that they always
intended to maintain our store-ownership structure. Thus, all our stores
have remained associate-owned.'
"As a result of our experience with Ima sco , I he added, 'I am convinced
that, as was the case with Shoppers Drug Mart, a Canadian Tire-Imasco
merger would have provided a significant opportunity to develop the
-Canadian Tire associate-dealer concept to the maximum benefit of all
adividuals involved.'
Continuing his remarks, Mr. Par6 said: 'In my mind, Canadian Tire is a
well managed organization and credit is eue to everyone involved: Dean
Muncaster and his senior management group, the associate-dealers, and,
indeed, the employees of the company, all of whom have contributed
significantly toward the company's outstanding success.'
Regarding the Foreign Investment Review Agency (FIRA) , Mr. Pari said:
"We were pleased with the reception we received at the Agency and the
professional nature of our discussions. As we are not proceeding with
the offer we will not be submitting an application to the Agency.*
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BAT Industries document for Province of British Columbia 12 April 1999