MONTREAL -- Metro Inc. (TSX:MRU) has formalized its $4.5-billion takeover offer for Jean Coutu pharmacy group, which will operate as a separate division of the grocery company.
Shareholders of Jean Coutu (TSX:PJC.A) are being offered a combination of cash and shares worth about $24.50 per share.
The companies announced last week that they were in "exclusive discussions" towards a deal to create a grocery-pharmacy group with more than 1,300 stores -- mostly in Quebec and Ontario.
The transaction requires regulatory approvals and support from two-thirds of the votes cast by Jean Coutu Group shareholders at a special meeting to be held in November.
Executives from the two companies will brief the media this morning in Montreal.
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