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B.C. juice maker Sun-Rype signs $94M deal with Great Pacific to go private
KELOWNA, B.C. – Sun-Rype Products Ltd. (TSX:SRF) said Thursday it has entered into an agreement with its majority owner Great Pacific Industries Inc. to privatize the company.
The snack and juice maker said the deal is worth $94 million, and includes the assumption of debt and liabilities.
Great Pacific Industries Inc., a member of The Jim Pattison Group, and SRF Acquisition Inc., a wholly-owned subsidiary, will pay $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.
Sun-Rype said this offer is a 20 per cent premium on the weighted average trading price of the stock.
It still needs to pass regulatory approvals, and also be voted on by shareholders at a special meeting scheduled on or about Sept. 24.
The proposal was first announced on June 28.
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