Sun-Rype Approves 94M Sale of the Company to SRF and Great Pacific Industries
Sun-Rype Products Ltd. has announced at a special shareholder meeting in Kelowna that shareholders have approved the previously announced plan of arrangement among the Company, SRF Acquisition Inc. and Great Pacific Industries Inc.
Under the Arrangement, SRF will acquire all of the common shares of the Company not already owned by SRF and its affiliates for a cash payment of $7.50 per common share, according to Yahoo Finance. The agreement is worth $94 million, according to the Vancouver Sun.
On a vote by ballot, the special resolution approving the Arrangement was approved at the meeting by nearly 85% of the votes cast by shareholders voting as a single class and by 54% of the votes cast by shareholders after excluding the votes of SRF and its affiliates.
The final order approving the Arrangement was scheduled for September 26 and is expected to become effective on or about September 30 assuming the Supreme Court of British Columbia approves and all other conditions are satisfied or waived.
Stay tuned to AndNowUKnow as we follow the sale of Sun-Rype’s shares.
