Pattison group makes bid to buy out Sun-Rype

Attempt to privatize Sun-Rype now being considered by board of directors.

The Jim Pattison Group has made an offer to privatize Sun-Rype by acquiring all the outstanding shares.

The offer comes from Great Pacific Industries, a member of the Jim Pattison Group, and SRF Acquisition Inc., a wholly-owned subsidiary of Great Pacific.

The offer on the table from the Pattison Group, the private holdings company of Vancouver millionaire businessman Jimmy Pattison, would pay out $7.50 for outstanding Sun-Rype common shares, about a 20 per cent price above the average closing price of the common shares currently on the Toronto Stock Exchange.

Great Pacific and its affiliated companies currenty own about 5.82 million common shares, representing about 54 per cent of Sun-Rype’s publicly trade stock.

The offer is non-binding at this point and subject to approval of the Sun-Rype board of directors. The board has set up an independent committee to analyze the deal.

Sun-Rype Products is based on Kelowna, a manufacturer and marketer of fruit juices and snacks.

Kelowna Capital News