Bakery company Canada Bread Co. Ltd. to pay special dividend of $8 per share

TORONTO, Cananda – Canada Bread Co. Ltd. (TSX:CBY) said Tuesday that it will pay a special dividend of $8 per share.

The bakery, which is 90 per cent owned by Maple Leaf Foods Inc. (TSX:MFI), said the payment will be made Jan. 6 to shareholders of record on Dec. 30.

Canada Bread recently closed the sale of Olivieri Foods, its fresh pasta and sauce business, to Spanish-based Ebro Foods S.A. in a deal valued at $120 million.

Trading in Canada Bread shares was halted pending the dividend announcement.

Shares in Canada Bread closed up 48 cents, or 0.65 per cent, at $74.41 on the Toronto Stock Exchange. Maple Leaf stock was up 25 cents, or 1.55 per cent, at $16.34.