Hart Stores completes its sale to an arm’s-length purchaser by way of amalgamation under the Canada Business Corporations Act

Effective February 6, 2015, Hart Stores Inc. completed its sale to an arm’s-length purchaser by way of amalgamation under the Canada Business Corporations Act. In the amalgamation, shareholders of Hart Stores received $0.20 in cash for each share held. The amalgamation was approved by Hart Stores’ shareholders at a special meeting held on February 6, 2015 with a positive vote of approximately 99.96% of the shares voted. Hart Stores is listed on the TSX Venture Exchange. Hart Stores operates a network of 61 mid-sized department stores located in secondary and tertiary markets in eastern Canada, where it has established a dominant position in many of the communities that it serves. Fasken Martineau, with a team lead by Neil Wiener, acted as legal counsel to Hart Stores in connection with the transaction.