Furniture Deal Makes Top Trader List on TSX: Leon's Furniture (TSX: LNF) To Buy The Brick (TSX: BRK)
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New York, New York, Point Roberts, WA - November 12, 2012 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors issues a trading alert for TSX leader, The Brick Ltd. (TSX:BRK), trading up at $ 5.33, gaining $1.83 or 52.29% as of 10:05AM EST on over 1 Million shares.
Leon's Furniture Limited (TSX:LNF) and The Brick Ltd. (TSX:BRK) announced that they have entered into an agreement that provides for the acquisition of The Brick by Leon's by way of plan of arrangement for $5.40 per share . Leon's will also acquire all of the outstanding common share purchase warrants of The Brick for $4.40 per warrant. The total consideration payable to Brick shareholders and warrantholders is approximately $700 million.
The Share Consideration represents a premium of approximately 62% to the 20-day volume weighted average price of The Brick's common shares on the TSX as of November 9, 2012.
Leon's was founded in 1909 and is one of Canada's best-known home furnishings retailers offering great value on furniture, major appliances and home electronics. Leon's has 76 stores in Newfoundland and Labrador, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, Nova Scotia, New Brunswick, and Prince Edward Island.
About The Brick
The Brick, which opened its first store in Edmonton, Alberta in 1971, has grown over the last 40 years to become one of Canada's leading retailers of household furniture, mattresses, appliances and home electronics. The Brick has 230 stores operating under The Brick, United Furniture Warehouse, The Brick Mattress Store and Urban Brick banners.
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