Best Buy Announces Future Shop Takeover Bid Results; All Regulatory Approvals Received, Tender Offer Expires.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2001 Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ), today announced the successful expiration of its the tender offer for Burnaby, BC-based Future Shop Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :FSS FSS Federal Supply Service (US General Services Administration) FSS Flight Service Station FSS Family Self-Sufficiency FSS Fixed Satellite Service FSS Forensic Science Service (Great Britain) .) following the receipt of all necessary regulatory approvals. A total of 32,784,000 common shares of Future Shop had been tendered as of 5 p.m., PST PST Paroxysmal supraventricular tachycardia, see there , on Oct. 31, 2001, under Best Buy's CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $17.00 per share (or approximately US $10.80 per share) cash takeover bid for all outstanding common shares. This represents approximately 98 percent of Future Shop's common shares on a fully diluted basis. Best Buy expects to take up all Future Shop common shares deposited under the takeover bid on Nov. 4, 2001. Payment for the common shares deposited is to be made by Computershare Trust Company of Canada, the depositary for the takeover bid. Best Buy intends to acquire those Future Shop common shares, which have not been deposited, as soon as possible through the exercise of its compulsory acquisition rights. As a result, on Nov. 4, 2001, Future Shop is expected to become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Best Buy. Future Shop will be delisted from the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. beginning on Nov. 5, 2001. "We are pleased that the transaction was cleared before the beginning of the important holiday selling season," said Best Buy Founder, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. . "Our focus now is on delivering to consumers the technology and entertainment gifts they want." This news release is neither an offer to purchase nor a solicitation of an offer to sell shares of Future Shop. Future Shop shareholders are advised to read the takeover bid circular and the directors' circular regarding the takeover bid referred to in this announcement. The takeover bid circular (including an offer to purchase and related documents) and the directors' circular contain important information, including the terms and conditions of the takeover bid, which should be read carefully before any decision is made with respect to the takeover bid. The takeover bid circular, the directors' circular and certain related documents are available at the Canadian Securities Administrator's Web site at www.sedar.com and may be obtained from the Dealer Manager or the Information Agent for the takeover bid, as set forth in the documents. Statements made in this news release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of Section 27A of the Securities Act of 1993, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Best Buy's actual results could differ materially from those expressed in the forward looking-statements. Factors that could cause results to vary include, among others, those expressed in Best Buy's filing with the U.S. Securities and Exchange Commission. Best Buy has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is the nation's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,700 retail stores nationwide, in Puerto Rico and in the U.S. Virgin Islands. About Future Shop Future Shop is Canada's largest, fastest-growing national retailer and e-tailer of consumer electronic products for the digital age, with 91 stores and the nation's premier Internet-based electronics superstore, at Future Shop.ca. Future Shop and its 7,300 associates are committed to providing Canadians with expert service; the latest digital products such as DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. movies and wireless Internet devices; and a wide selection of televisions, computers, music and appliances. For more information about Future Shop, visit the company's Web site at www.FutureShop.com. |
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