Sun-Rype recommends sale to Pattison
Sep 5, 2013 / 3:06 pm
Jim Pattison is one step closer to taking control of Sun-Rype Product Ltd.
The Board of Directors of the Kelowna based fruit juice and snack manufacturer has unanimously recommended shareholders agree to an offer by Great Pacific Industries to purchase the outstanding shares of the company.
Pattison owns Great Pacific Industries.
In a news released issued by Sun-Rype Thursday afternoon, the company announced Institutional Shareholder Services, a leading independent proxy firm, has also recommended shareholders vote for the arrangement proposed by SRF Acquisitions, a wholly-owned subsidiary of Great Pacific Industries.
Under terms of the proposal, Sun-Rype shareholders who vote in favour would receive $7.50 for every Common Share held.
If the proposal is approved, it is anticipated the Arrangement will be completed by the end of the month.
The deadline for voting is 10 a.m. PDT Sept 20, however, company officials are urging shareholders to vote well in advance of the deadline to ensure votes are received in a timely manner.
Registered shareholders, shareholders who have physical certificates representing Sun-Rype shares may vote via internet using the control number located on the Proxy or by fax at 604-681-3067.
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