MONTREAL — Metro Inc. says it is in exclusive discussions regarding a merger with Quebec-based pharmacy chain Jean Coutu Group.
Metro announced Wednesday the pair are discussing a deal in which Metro would acquire Jean Coutu at a price of $24.50 per share, to be paid in a mix of cash and shares.
It added that the Coutu family says it plans to support the proposed transaction.
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The announcement comes after regulators suspended trading of both companies earlier Wednesday morning.
Jean Coutu has more than 400 stores in Quebec, New Brunswick and Ontario.
Metro has more than 600 stores in Quebec and Ontario.
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