SRF Acquisition, a subsidiary of Great Pacific Industries, has agreed to acquire a stake other than held by Great Pacific and its affiliates in Sun-Rype Products, a Canada-based maker of juices and snacks, for CAD94m ($91.5m) in a formal arrangement agreement.
The transaction includes assumption of net debt, liabilities, other obligations and around 54% of outstanding common shares held by the SRF Affiliates.
All of the members of the Sun-Rype Board (other than James Pattison), a former director and Sun-Rype's executive officers, who own 4.36% of outstanding common shares in the company, have entered into support agreements with SRF to rule in favor of the acquisition.
The transaction is subject to customary Toronto Stock Exchange, court, regulatory approvals and the approval by at least 66 2/3% of the shareholders votes.
Sun-Rype offers a range of fruit-based drinks including 100% juices such as Fruit Plus Veggies, Smoothie, Apple and Not From Concentrate Juices; Refreshing Beverages such as Slim, Fruit Cocktails and Coco Water.
