TORONTO, ON and CALGARY, AB, June 16, 2011 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC) (TSX:CTC.A) ("Canadian Tire") and The Forzani Group Ltd. (TSX:FGL) ("Forzani") announced today that the expiry time of the offer by FGL AcquisitionCo Limited (the "Offeror"), a wholly-owned subsidiary of Canadian Tire, to acquire all of the outstanding Class "A" shares ("Common Shares") of Forzani for $26.50 per Common Share in cash (the "Offer"), has been extended until August 18, 2011, to allow required regulatory approvals to be obtained. All other terms and conditions of the Offer described in the Offeror's Offer and Circular dated May 20, 2011 remain the same.

Canadian Tire and Forzani each filed pre-merger notification filings with the Competition Bureau and were today informed by the Competition Bureau that it requires additional information in order to complete its review of the proposed transaction.  Under the Competition Act, the period during which the parties may not complete the transaction has been extended until 30 days after providing the Competition Bureau with the additional information it has requested.  Both parties have been cooperating with the Competition Bureau since the announcement of the transaction, and they expect to be able to comply with the request for additional information promptly.  Given the scope and complexity of the parties' businesses, the issuance of a request for additional information is not unusual.

The Offer is now open for acceptance until 5:00 p.m. (Toronto time) on August 18, 2011, unless further extended, and is conditional upon, among other things, customary regulatory approvals and there having been validly deposited (and not withdrawn), together with any Common Shares owned or controlled by the Offeror and its affiliates, at least 66^2/3% of the outstanding Common Shares (on a fully-diluted basis).

A notice announcing the extension of the Offer will be sent by Canadian Tire to Forzani shareholders. The notice will also be available for review under Forzani's profile on SEDAR at www.sedar.com.

About Canadian Tire Corporation, Limited

Canadian Tire Corporation, Limited is one of Canada's most-shopped general retailers, offering everyday products and services to Canadians through more than 1,200 retail and gasoline outlets from coast-to-coast. Canadian Tire's primary retail business categories - Automotive, Living, Fixing, Playing and Apparel - are supported and strengthened by its Financial Services division, which offers such products and services as credit cards, in-store financing, product warranties, and insurance. Nearly 57,000 people are employed across the Canadian Tire enterprise, which was founded in 1922 and remains one of Canada's most recognized and trusted brands.

About The Forzani Group Ltd.

The Forzani Group Ltd. is one of Canada's leading retailers of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Sport Mart, Athletes World, National Sports, Sports Experts, Intersport, Atmosphere, Tech Shop, Nevada Bob's Golf, Hockey Experts, The Fitness Source and S3. Forzani also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com

Forward-Looking Information:

This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws relating to Canadian Tire, the Offeror, Forzani and their respective operations. This forward-looking information relates to, among other things, the Offer, conditions of the Offer and expected expiry of the Offer. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on the reasonable assumptions, analysis and estimates of the management of Canadian Tire and Forzani in respect of their respective experience and perception of trends, current economic conditions and expected developments, as well as other material factors considered to be relevant at the time of making such statements.

By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that these assumptions, analysis and estimates will be incorrect and that anticipated results will not be achieved. Although the management of both Canadian Tire and Forzani believe that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the following: the ability to obtain all necessary regulatory approvals, third party consents and otherwise satisfy the conditions of the Offer; delays in closing the Offer; and those risks and uncertainties described in the Annual Information Forms of Canadian Tire and Forzani filed with the securities regulatory authorities in Canada available at www.sedar.com.

When relying on the forward-looking information to make decisions with respect to Canadian Tire or Forzani, investors and others should carefully consider the foregoing factors, but are strongly cautioned that the foregoing list of factors is not exhaustive and other factors could adversely affect the performance of Canadian Tire or Forzani. Investors and other readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While Canadian Tire and/or Forzani may elect to do so, unless required by applicable law, neither undertakes, and each expressly disclaims, any obligation to update this information to reflect new information or circumstances at any particular time.