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Canadian Fruit snack and juice manufacturer Sun-Rype has entered into an $94 million agreement with majority owner Great Pacific Industries Inc. to privatize the company, according to the Vancouver Sun.

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Great Pacific Industries will pay $7.50 per share for the stake it doesn’t already own. Currently, Great Pacific and affiliates own a 54% stake in Sun-Rype – roughly 5.82 million shares.

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The offer is a 20% premium on the weighted average trading price of the stock.

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The Board of Directors of Sun-Rype has formed a committee of independent directors to, among other things, review and evaluate the terms of the proposal from Great Pacific. The proposed agreement will be voted on at a meeting on September 24.

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Sun-Rype Report

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