Onex Corp. Offers To Buy John Labatt

Fri., May 19, 1995

Compiled From Wire Services

A Canadian investment company wants to purchase John Labatt Ltd. for about $1.7 billion and plans to sell the brewer’s non-beer operations, which include the Toronto Blue Jays baseball team.

Onex Corp., well-known in Canadian financial circles but relatively obscure in the United States, said in disclosing the purchase proposal Thursday that it intends to focus Labatt’s efforts on brewery operations. Labatt’s beer business offers brands including Labatt Blue and Labatt Ice Beer.

Toronto-based Labatt appeared cool to the offer.

“This is a wholly inadequate proposal and does not reflect fair value to our shareholders,” said George Taylor, Labatt’s CEO. “If and when an offer is received, the company and its board of directors will review it and comment on it in more detail.”

Onex said it will offer 24 Canadian dollars a share, or about $17.71 in U.S. currency, for a total of 2.3 billion Canadian dollars.

The offer consists of 21.25 Canadian dollars in cash and the rest in securities.

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Onex Corp. Offers To Buy John Labatt

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