Maple Leaf Foods Inc., in connection with the previously announced spin-off of its pork operations to form Canada Packers Inc., has secured the necessary interim court order authorizing, among other things, the holding of the annual and special meeting of shareholders on June 11 to approve the transaction, and has entered into certain pre-transaction agreements. As the company takes these steps to advance the transaction, it has also announced the senior management team that will lead Canada Packers Inc., as an independent public company.
The transaction is a key step in advancing the company’s strategic blueprint. Upon completion of the transaction, Maple Leaf Foods will enter a new chapter as a focused, purpose-driven and protein-centric consumer packaged goods company, and Canada Packers Inc. will emerge as a new independent public company that will be unleashed as a global leader in sustainably produced, premium quality, value-added pork products, with diversified revenue streams and a resilient business structure. The firm says both companies will be uniquely positioned to meet the world’s growing demand for sustainable protein, creating value for all stakeholders.
Maple Leaf Foods’ Board of Directors, a special committee of independent directors, acting with the advice and assistance of their respective financial, legal and tax advisors, and management, have carefully evaluated the transaction and believe it is in the best interests of Maple Leaf Foods, fair to the public shareholders and the most attractive value creation opportunity available.
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