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Leon's Furniture announces final results of its substantial issuer bid

Date Closed

December 30, 2021

Lead Office



200.00 Million CAD

On December 30, 2021, Leon's Furniture Limited announced the final results of its modified Dutch auction substantial issuer bid to purchase for cancellation up to C$200 million of its common shares from Leon’s shareholders for cash.
Leon's took up and paid for 7,999,993 common shares at a price of $25.00 per common share, representing an aggregate purchase price of approximately C$200 million and approximately 10.4% of the total number of Leon's issued and outstanding common shares before giving effect to the bid.
An aggregate of 9,813,872 common shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the bid was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 81.5% of their successfully tendered common shares purchased by Leon’s (other than "odd lot" tenders, which were not subject to proration).
Leon's Furniture is the largest retailer of furniture, appliances and electronics in Canada with 304 retail stores across the country.

McCarthy Tétrault LLP advised Leon's Furniture with a team led by Matthew Vaughan,  David Woollcombe and Lara Nathans that included Angela Lizotte and Rebecca Summers (Business), Patrick McCay, Stefanie Morand and Kathryn Walker (Tax).