The Reject Shop’s acquisition by Canadian value retailer Dollarama has been completed by way of a scheme arrangement.
The Reject Shop’s shareholders have been paid the scheme consideration of $5.91 cash per share, along with the fully franked special dividend of $0.77 per share.
The company will make its request to be officially removed from the ASX by the close of trade on July 23. Trading in shares had been suspended at the beginning of the month.
The strategic move by Dollarama marks the company’s entry into the Australian market.
“Expanding our international reach supports our long-term growth strategy, and we are thrilled to be embarking on this exciting new chapter with The Reject Shop’s local leaders and more than 5000 employees,” said Neil Rossy, president and CEO of Dollarama.
“By working together and applying Dollarama’s strengths in sourcing, merchandising and retail operations, we are well-positioned to deliver compelling value to Australian consumers and to drive the expansion of our new Australian growth platform over the long term.”
