Canada Bread Establishes Special Committee in Connection with the Potential Sale of Maple Leaf Foods' 90% Interest

TORONTO, Oct. 21, 2013 /CNW/ - The Board of Directors of Canada Bread Company, Limited ("Canada Bread") (CBY:TSX) today announced that it has established a Special Committee comprised solely of independent directors in connection with the potential sale by its parent company, Maple Leaf Foods Inc. ("Maple Leaf"), of its 90% interest in Canada Bread.

Maple Leaf has advised the Canada Bread Board that it is exploring strategic alternatives for its Bakery business, including a potential sale of the Company's 90% interest in Canada Bread. The Special Committee has been established to seek to ensure that all Canada Bread shareholders are treated fairly and that the Company's interests are taken into account during any such process that may affect Canada Bread.

The Special Committee has engaged CIBC World Markets Inc. as its financial advisor, and has engaged independent legal counsel and is authorized to retain other advisors as it considers appropriate.

There can be no assurance that the process being undertaken by Maple Leaf will result in the consummation of any transaction.  The Special Committee does not intend to comment further regarding the process being undertaken by Maple Leaf until such time that it deems disclosure appropriate.

About Canada Bread
Canada Bread is a leading manufacturer and marketer of value-added flour based products, including fresh bread, rolls, bagels and sweet goods, frozen partially baked or par-baked breads and bagels, and specialty pasta and sauces. The Company markets products under a number of leading brand names, including Dempster's®, Olafson's, POM®, Ben's® and Olivieri®. The Company is 90% owned by Maple Leaf Foods Inc. and its common shares are listed on the Toronto Stock Exchange under the ticker symbol CBY.

Forward Looking Statements
This document may contain "forward-looking information" within the meaning of applicable securities law. Such statements include expectations regarding the process being undertaken by Maple Leaf in respect of Canada Bread.  These statements are not guarantees of future events.  Actual events may differ materially from those expressed, implied or forecasted in such forward-looking information.  Canada Bread does not intend to, and Canada Bread disclaims any obligation to, update any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Canada Bread Company, Limited

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David Bauer, Corporate Communications
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