TERR ACE-KITIVAT

daily herald

SECTION

THIRD

Bay makes a bid to
buy Simpson Sears

TORONTO (CP) —
Simpsons Ltd. directors plan
to meet Wednesday to
consider a surprise takeover
bid by the Hudson's Bay Co.,
a merger that could make
The Bay Canada’s largest
. fonfood retail company.

G. Allan Burton, chairman
of Simpsons, said however

would result with combined
sales of $4.74 billion.
‘There's no way the
government would allow that
concentration of power in its
presently proposed form,”
said Martin Kaufmann of
Nesbitt Thomson Bongard
Ine., investment analysts.

Hudson's Bay president, said

- the company would consider

divesting itself of the equity
interest in Simpsons-Sears if
it proved to be an obstacle to
the takeover.

*]tseems that a logical fu-
ture step would be to have
Simpsons-Sears go ils way

Simpsons go their own way."

The $4.27 offer for each of
the 47 million Simpsons
shares was part of the details
announced Monday by
Hudson's Bay.

A formal offer of the
takeover bid will be mailed
about “Nov. 27.

The Herald. Tuesday.

vember 21,1978, Page

re YY © Yo ee

MeGiverin, ’
that plans for the proposed But Donald McGiverin, and Hudson’s Bay and
merger with Slmpsons-Sers
Ltd. are proceeding derpite
the Hudson's Bay move.

it It was the first reaction
a from Simpsons to the

: takeover proposal an-
| nounced Friday.

7 ‘Under the offer, Hudson's
Bay will pay $388 milllon or
$8.27 a share for Simpsons,
whose shares were changing
hands at $6.50 when trading
was halted Friday on the
Toronte Stock Exchange.

The offer was also 22-per
cent above the $6.75 at which
the shares of Simpsons-Sears
last traded.

At the time of the bid,
Simpsons and Simpsons:
Sears were in the midst of
plans to merge their
operations: by Jan. 31,
pending approval of the
Foreign Investment Review

Complete Line of 1979 Honda 1

Civies, CVCC, Station Wagons, 2 Door Accords i |

Agency (FIRA), Simpsons *
SEO ae eM ears, and the all new 4 Door Accord are Now in Stock.

Roebuck and Co., a fact that
led many to believe FIRA
would not approve _the . : ; .
amalgamation With Sine Come in and meet our qualified Staff.
However, there was also
fear that a Simpsons-
Hudson's Bay merger would
be-rejected by the federal fois;
government because of the .
size of the company that

Ww Le ddett ey g th
PAULS JOE WHITNEY
General Manager

‘JAY KELSO
Mechanic

to ?
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Partsman

GUY POMERLEAU
Mechanic

TAN SMITH
Salesman

We are very proud of our new
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