BRAMPTON, ON, Sept. 12, 2013 /CNW/ – Loblaw Companies Limited (TSX: L)
welcomed the decision by shareholders of Shoppers Drug Mart Corporation
to approve Loblaw’s acquisition of Canada’s leading pharmacy retailer
at a special Shoppers Drug Mart shareholders’ meeting held in Toronto
today.

“We are very pleased that Shoppers Drug Mart shareholders have
overwhelmingly decided to support Loblaw’s acquisition, which brings
together two of the most recognized and trusted names in Canadian
retailing to create the leading Canadian retailer,” said Galen G.
Weston, Executive Chairman of Loblaw. “The combination of Loblaw and
Shoppers Drug Mart will transform the Canadian retail landscape by
delivering more choice, service, value and convenience for consumers.”

Shoppers Drug Mart shareholders were asked to vote on a special
resolution approving Loblaw’s acquisition of all outstanding common
shares of Shoppers Drug Mart in accordance with the definitive
agreement entered into on July 14, 2013. The resolution was approved by
99.89% of the votes cast by Shoppers Drug Mart shareholders.

Closing of the transaction remains subject to court approval and the
customary competition review process. “Given the complementary nature
of the two companies’ businesses and the intensely competitive Canadian
retail market, we remain confident the transaction will be approved,”
commented Mr. Weston. “Discussions with the Competition Bureau are
ongoing and proceeding as expected. We are working with the Bureau to
expedite the process. We continue to expect to complete the transaction
by the end of the first quarter of 2014.”

About Shoppers Drug Mart

Shoppers Drug Mart is one of the most recognized and trusted names in
Canadian retailing. Shoppers Drug Mart is the licensor of full-service
retail drug stores operating under the name Shoppers Drug Mart
(Pharmaprix in Qu bec). With 1,244 Shoppers Drug Mart and Pharmaprix
stores operating in prime locations in each province and two
territories, the Company is one of the most convenient retailers in
Canada. Shoppers Drug Mart also licenses or owns 57 medical clinic
pharmacies operating under the name Shoppers Simply Pharmacy
(Pharmaprix Simplement Sant in Qu bec) and six luxury beauty
destinations operating as Murale. As well, the Company owns and
operates 62 Shoppers Home Health Care stores, making it the largest
Canadian retailer of home health care products and services. In
addition to its retail store network, the Company owns Shoppers Drug
Mart Specialty Health Network Inc., a provider of specialty drug
distribution, pharmacy and comprehensive patient support services; and
MediSystem Technologies Inc., a provider of pharmaceutical products and
services to long-term care facilities.

About Loblaw Companies Limited

Loblaw Companies Limited, a subsidiary of George Weston Limited, is
Canada’s largest food retailer and a leading provider of drugstore,
general merchandise and financial products and services. Loblaw is one
of the largest private sector employers in Canada. With more than 1,000
corporate and franchised stores from coast to coast, Loblaw and its
franchisees employ approximately 134,000 full-time and part-time
employees. Through its portfolio of store formats, Loblaw is committed
to providing Canadians with a wide, growing and successful range of
products and services to meet the everyday household demands of
Canadian consumers. Loblaw is known for the quality, innovation and
value of its food offering. It offers Canada’s strongest control
(private) label program, including the unique President’s Choice, no
name and Joe Fresh brands. In addition, the Company makes available
to consumers President’s Choice Financial services and offers the PC
points and PC Plus™ loyalty program. For more information, visit
Loblaw’s website at www.loblaw.ca and Loblaw’s issuer profile at www.sedar.com.

Forward-Looking Statements

Certain statements in this news release are forward-looking information
within the meaning of applicable securities legislation including, but
not limited to, statements relating to the expected closing date of the
transaction and certain strategic benefits expected to result from the
transaction. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties, many
of which are beyond Loblaw’s control, that could cause actual results
and events to differ materially from those that are disclosed in or
implied by such forward-looking information. There can be no assurance that the transaction will occur or that the
anticipated strategic benefits and operational, competitive and cost
synergies will be realized. The transaction is subject to various
regulatory approvals, including approvals under the Competition Act
(Canada) and by the TSX, and the fulfillment of certain conditions, and
there can be no assurance that any such approvals will be obtained
and/or any such conditions will be met. Loblaw does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.

SOURCE Loblaw Companies Limited