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A BID FOR LABATT COULD COME AS EARLY AS TODAY
Published April 13, 1995
Shares of John Labatt Ltd. continued to rise yesterday on takeover rumors, with one Labatt director saying the board is expecting a bid soon. The anonymous director said speculation that Onex Corp. CEO Gerald Schwartz would make a bid for Labatt has been discussed at the board level: "From a corporate point of view there is no bid, no offer, no nothing, but I think something is imminent." Analysts and industry observers speculate that Onex will as early as today make a "hostile bid for the company" at C$25/share, which would value the deal at C$2.35B. However, for the deal to work, Schwartz would have had to "pre-sell most of Labatt's assets." Schwartz has reportedly been shopping around Labatt assets to various Canadian and int'l buyers, and would likely be interested in "retaining some of the company's entertainment assets." Besides the brewery, Labatt owns the Blue Jays, the CFL's Argonauts, Toronto's SkyDome and TSN (Paul Brent, FINANCIAL POST, 4/13).