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Shoppers Drug Mart in downtown Toronto, July 15, 2013.
Shoppers Drug Mart in downtown Toronto, July 15, 2013.
(Gloria Nieto/The Globe and Mail)

Why would Shoppers agree not to shop for a better offer?

Shareholders of Shoppers Drug Mart Corp. seem happy enough with the $12.4-billion takeover bid from Loblaw Cos. Ltd., with its tasty premium, but they could be forgiven for wondering if the company left some money on the table.

Shoppers yesterday said it agreed to the price in one-off negotiations, rather than as the result of an auction. The transaction includes an agreement from Shoppers not to look around for a better price.