Thursday, August 14, 2008

Stephen Harper is the CEO of Asleep Country Canada.



Yo Harper: NOT YOUR FAULT???? Puhlease:

Here we have the 45th takeover of a undervalued trust by either foreign private equity, a foreign entity, private equity or a Canadian Pension Fund.

These takeovers by way of leveraged buyouts, together with the LBO of BCE that would not have occurred had BCE been allowed to become a trust, have caused over $2.0 billion A YEAR in tax leakage for a policy whose stated purpose was to stem tax leakage. Tax leakage that was never proven to exist in the first place.

Harper is the CEO of Asleep Country Canada. Alseep at the switch that is:

BIRCH HILL EQUITY PARTNERS MANAGEMENT INC. AND WESTERKIRK CAPITAL INC. ENTER INTO AN AGREEMENT TO ACQUIRE SLEEP COUNTRY CANADA INCOME FUND

2008-08-14 10:22:15.640 GMT



TORONTO, Aug. 14 /CNW/ - Sleep Country Canada Income Fund (the "Fund") (Z.UN - TSX),and US privaet equity forms Birch Hill Equity Partners Management Inc. ("Birch Hill") and Westerkirk Capital Inc. ("Westerkirk") announced today that they have entered into a support agreement under which Birch Hill and Westerkirk have agreed, subject to certain conditions, to offer to acquire all of the outstanding units of the Fund for cash at a price of $22.00 per unit (the "Offer") for a total enterprise value of approximately $356 million. The Offer will be made by 7019416 Canada Inc. (the "Offeror"), a new acquisition company established by Birch Hill and Westerkirk, by way of a take-over bid that will be mailed to unitholders of the Fund on or before August 18, 2008. The transaction is expected to be completed on or about September 23, 2008.


Sleep Country Canada Income Fund is the largest retailer of mattresses in Canada with 133 corporate owned stores under the Sleep Country Canada banner and 27 stores in Quebec under the Dormez-vous Sleep Centres Inc. banner. The Fund also owns Sleep America LLC, the largest mattress retailer in Arizona with

46 stores. The Fund is an open-ended limited purpose trust that owns 100% of the voting securities of Sleep Country Canada Inc. The Fund's units are listed on the Toronto Stock Exchange under the symbol Z.UN.


In accordance with the Offer and the support agreement, the Fund expects to continue to pay regular monthly distributions to unitholders equal to $0.1208 per Unit pending payment for units tendered to the Offer.




The Offeror's financial advisor is TD Securities Inc. and its legal counsel is Stikeman Elliott LLP. The Independent Committee and the Board of Trustees are receiving financial advice from Genuity Capital Markets and their legal counsel is Goodmans LLP. Legal counsel to the Fund is Davies Ward Phillips & Vineberg LLP.

3 comments:

Anonymous said...

Harper threatens to topple own gov't

http://www.canada.com/story.html?id=222fb54e-7884-4031-8fe9-303ab95b9ed2

Anonymous said...

IT For Income Trusts

Remember, Remember
The 1st Of November
The Conservative's Income Trust Treason And Plot

I Know Of No Reason
Why The Income Trust Treason
Should Ever Be Forgot

Anonymous said...

Another Canadian Income Fund To Be Taken Over By Wealthy US Private Equity Firms

-A Direct Result Of Harper’s Income Trust Policy
-Further Actual ‘Tax Leakage’ To Be Caused
-Average Canadian Retail Investors & Taxpayers Loose; Wealthy US Investors Win

REAL ACTION.
REAL RESULTS.