Posted Dec 13, 2007, 9:56 PM
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Join Date: Jun 2004
Location: City Of Champions
Posts: 8,219
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Thanks to Auditor from C2E
Quote:
Daryl Katz makes new offer to acquire Edmonton Oilers
EDMONTON, Dec. 13 /CNW/ - Rexall Founder and Chairman Daryl Katz has made
a new offer to purchase the Edmonton Oilers and related assets. The terms of
the offer, which were not publicly disclosed, are being delivered directly to
the shareholders of the Edmonton Investors Group.
Mr. Katz's offer was made at the encouragement of a number of significant
EIG shareholders over the past six months. In particular, Mr. Katz called Cal
Nichols, Founding Chairman of the Board of EIG this morning to outline the
terms and conditions of the offer. Mr. Nichols said that it was an offer that
he would enthusiastically support.
"I am extremely proud of what the EIG has done for the Oilers, the City
of Edmonton, and Oilers fans everywhere, but it's probably time to pass the
torch to a new generation of ownership," said Mr. Nichols. "I believe that
Daryl will be an outstanding owner of the Edmonton Oilers and an important
leader in the growth of our City. In addition, the sale of the team will have
served all my fellow shareholders very well."
Daryl Katz added, "I have great respect for everything Cal and the EIG
shareholders have done for the Oilers and for the City of Edmonton. I want to
continue that tradition with a commitment to strong local ownership and an
exciting vision for the Oilers. The centerpiece of that vision is a new
world-class arena complex at the heart of a revitalized downtown."
Mr. Katz added, "If the undecided EIG shareholders come on board, as I
hope they do, and my offer is approved, I will commit my time, energy and on
the order of $100 million in additional funds towards a new building. I will
be asking Cal to help lead that effort on my behalf and to continue to
represent the Edmonton Oilers on the NHL Board of Governors as he has done so
ably for so long."
The offer requires approval of EIG shareholders and the National Hockey
League.
Daryl Katz is the founder and Chairman of The Katz Group. Founded in 1990
and headquartered in Edmonton, The Katz Group is one of North America's
leading drug store operators with over 1,800 stores in Canada and the United
states. Through its Rexall brand, The Katz Group is the largest corporate
sponsor of the Edmonton Oilers.
Mr. Katz was born in Edmonton and graduated from the University of
Alberta in 1985 with a BA and an LLB.
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