TORONTO – One of Canada’s best-known furniture retailers is trying to buy up a high-profile rival.
   
Leon’s Furniture Limited (TSX: LNF) is offering to buy The Brick Ltd. (TSX: BRK) in a deal the company values at $700 million.
   
The offer is subject to approval by Brick shareholders and will need court and regulatory approval.
   
Leon’s says it will pay $5.40 per share in either cash or debentures _ the closing price on Brick shares on the TSX on Friday was $3.50.
   
It hopes to close the deal in the first quarter of 2013.
   
Leon’s says in a news release that if shareholders accept the offer, the two chains will continue to operate as separate entities.