Shoppers Drug Mart

Osler, Hoskin & Harcourt LLP acted for Shoppers Drug Mart in connection with the conditional sale of Shoppers Drug Mart/Pharmaprix to an investor group led by Kohlberg Kravis Roberts & Co. (KKR). The investor group also includes the Senior Management of Shoppers Drug Mart, Bain Capital, Charlesbank Capital Partners, DLJ Merchant Banking and the Ontario Teachers’ Penison Plan Board. The Cdn $2.55 billion transaction, announced on November 18, 1999, is conditional upon British American Tobacco p.l.c. (BAT) acquiring the 58% of [Shoppers Drug Mart’s parent] Imasco’s common shares it does not already own, as well as other customary closing conditions. BAT has agreed to acquire these common shares at a final price of $41.60 per share.

Shoppers Drug Mart was represented by Stephen P. Sigurdson, Sivan Fox and Stephen Solursh (corporate) and S. Firoz Ahmed and Patrick Marley (tax ) of Osler, Hoskin & Harcourt LLP. BAT was represented by Stikeman, Elliott lawyers William J. Braithwaite and Karen E. Jackson. KKR was represented by Simpson Thacher & Bartlett’s G. Horowitz and W. Anderson. Michael K. Feldman and Kevin M. Morris of Torys provided Canadian counsel to KKR.