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

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.
Image Credit: SOURCE/Google
June 29, 2013 - 10:09 AM

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)

One of Jim Pattison's companies is looking to take SunRype private.
One of Jim Pattison's companies is looking to take SunRype private.
Image Credit: SOURCE/SunRype

News from © InfoTel News Ltd, 2013
InfoTel News Ltd

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