Acklands' Shareholders Approve Industrial Group Sale to W. W. Grainger, Inc.TORONTO--(BUSINESS WIRE)--Nov. 5, 1996--Acklands Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. .) Acklands Limited announced today that its shareholders have approved the sale of the Corporation's Industrial Group to W. W. Grainger W.W. Grainger, Inc. is a Fortune 500 industrial supply company founded in 1927 in Chicago, Illinois. Grainger provides their clients with the products they need to keep their facilities running. , Inc. (NYSE NYSE See: New York Stock Exchange : GWW GWW Gallery Worldwide (website) GWW Get Well Wishes ), headquartered in Chicago. As consideration for the sale, Acklands will receive $Cdn. 180 million and shares of Grainger for total consideration of approximately $Cdn. 370 million. The definitive sale agreement, signed on November 4, 1996, is subject to the usual regulatory approvals, with the closing tentatively scheduled to take place on December 2, 1996. W. W. Grainger, Inc. is a leader in the North American distribution of maintenance, repair and operating supplies and a provider of related information serving the commercial, industrial, contractor and institutional markets. It offers over 600,000 quality items through 350 branches and had sales in 1995 in excess of $US 3.3 billion. Acklands Limited is a wholly-owned and operated Canadian distribution company. It is Canada's largest distributor of industrial and safety-related products and the second largest automotive aftermarket parts distributor in the country. CONTACT: Acklands Limited K. (Rai) Sahi, 416/631-5288 or Acklands Limited Fraser R. Berrill, 416/631-5262 |
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