Sun-Rype Products Ltd is a juice and snack manufacturer based in Canada. In a proposal, the company was offered a takeover bid for privatization from Great Pacific Industries Inc. The said bid was priced at C$37 million.
Great Pacific Industries is a part of The Jim Pattison Group. The company is well known for its entertainment brands that include Guinness World Records and Ripley's Believe It or Not!
The affiliates of Great Pacific and the company itself already own about 5.82 million shares at Sun-Rype. This would mean ownership of about 54% in the company.
As stated in the proposal, company shareholders aside from Great Pacific and its affiliates would receive cash for each of the common share of Sun-Rype. The cash offer was priced at Can$7.50 per share piece that is a 30% premium over the closing price last Friday.
Canadian billionaire Jim Pattison is the sole owner of The Jim Pattison Group. The company is one of the biggest privately held firms in Canada. The group owns radio and TV stations, car dealerships and grocery store chains to mention a few.
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