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Millions offered by Jim Pattison for remaining shares in Kelowna’s Sun-Rype

Millions offered by Jim Pattison for remaining shares in Kelowna's Sun-Rype | iNFOnews.ca
SunRype's manufacturing plant in Kelowna. An offer has been made by Great Pacific to buy the remaining stocks in the company so it can be taken private. SOURCE/Google

KELOWNA – Sun-Rype Products Ltd. (TSX:SRF) says its majority owner Great Pacific Industries Inc. has proposed to take the company private in a deal that values it at about $81 million.

Great Pacific Industries Inc., a member of The Jim Pattison Group, and SRF Acquisition Inc., a wholly-owned subsidiary of Great Pacific, has offered $7.50 per share for the stake it does not already own.

Great Pacific and its affiliates currently own a 54 per cent stake in Sun-Rype or roughly 5.82 million shares.

Shares in Sun-Rype, which revealed the proposal after the close of markets Friday, closed down 29 cents at $5.76 on the Toronto Stock Exchange.

A committee of the independent members of the board of directors has been established to review the offer, which would require approval by a majority of the minority shareholders of Sun-Rype.

Sun-Rype makes and sells fruit-based juices and snacks. (The Canadian Press)

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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