Those who complain loudest about State/public monopolies become strangely quiet when privatization leads to the inevitable creation of private market monopolies, as is the case with the privatization of liquor stores in Alberta.
And note these private beneficiaries of market monopoly are Income Trusts to avoid paying taxes.
- 2006: Liquor Stores CEO Irv Kipnes approaches Liquor Barn about a possible acquisition, but they are not interested.
- February, 2007: Liquor Stores makes a proposal to acquire Liquor Barn for .53 units, which is rejected on March 8. The bid is not communicated to the market.
- April 10: Liquor Stores launches a hostile bid of .53 units, and at this time the February offer is revealed.
- April 19: Liquor Barn board recommends rejection of the offer.
- May 28: A sweetened offer of .57 units is made, which the Liquor Barn board unanimously accepts two days later. The deadline for the offer is extended until 1 a.m. June 8.
- May 30: Liquor Barn CEO John Mather and several other unitholders say the new offer isn't rich enough. Mather, who has bought an additional $7.2 million worth of Liquor Barn units, is put on paid leave by his board.
- June 7: Liquor Stores says it has all but two of the founding Liquor Barn unitholders committed, but at market close is still short of the 66.7 per cent needed to close the deal.
- June 8: Liquor Stores says it has completed the acquisition with 74 per cent of Liquor Barn unitholders voting in favour of the deal.
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