Business Editors MONTREAL--(BUSINESS WIRE)--Sept. 22, 2000--Westburne Inc.(TSE:WBI.) announces that the shareholders of Westburne have approved today at a special meeting the Agreement for the acquisition by Rexel S.A. of all the outstanding shares of Westburne for a price of $22.75 (Canadian) per share for a total cash consideration of $987 million dollars. This acquisition, effected through a Plan of Arrangement has been sanctioned by the Superior Court of the Province of Quebec, and has received all necessary regulatory approvals. The closing of the Transaction which shall occur following the completion of the reorganization of Westburne's corporate structure, is expected to take place on Monday September 25, 2000. Listed on the Toronto Stock Exchange, Westburne with sales of $2.47 billion (Canadian) in 1999, is the leader for the distribution of electrical supplies in Canada and holds a major position in the United States. Westburne is also an important distributor of products in the following sectors: Plumbing and Waterworks, Refrigeration and HVAC and Industrial products. Westburne has approximately 6,000 employees and a network of 546 branches including 143 branches in the United States. As part of the Rexel Group, Westburne will benefit from additional means to continue its growth strategy in North America. Rexel S.A., a world leader in the distribution of electrical supplies, generates revenues of $8,5 billion (Canadian), 70% of which is from outside France. With a presence on four continents and 30 countries, Rexel has 20,000 employees and a network of more than 1,600 branches. A subsidiary of the Pinault-Printemps-Redoute group, one of the world leaders in the specialized distribution industry, Rexel is listed on the Paris Bourse. This transaction will enable Rexel, which generated $2 billion U.S. in sales in the United States in 1999, to reinforce significantly its position in North America, the world's leading market for the distribution of electrical supplies. Rexel now moves from the fifth to the third ranking in the North American market while entering the Canadian market in a leadership position. The Head Office of Rexel Canada Inc, the entity in Montreal and its shares are traded on The Toronto Stock Exchange (WBI).
Approval of the Acquisition of Westburne by Rexel S.A.
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