SunOpta Inc. (NASDAQ:STKL) confirmed on Wednesday that it has secured final court approval in Ontario for the acquisition by an affiliate of Refresco Holding B.V., with the transaction priced at $6.50 per share in cash.
In a separate development earlier in the week, SunOpta received a no-action letter from the Commissioner under Canada’s Competition Act on Monday. That communication satisfies the specific Canadian competition clearance condition required for the transaction to close.
While those two milestones clear important procedural hurdles, the companies noted the acquisition remains subject to additional regulatory clearances and the customary closing conditions that typically accompany transactions of this type. The firm did not provide further detail on the remaining approvals or the timing for completion.
SunOpta, based in Minneapolis, operates as a North American supply chain solutions provider. The company serves brands, retailers and foodservice operators across several product categories, including beverages, broths and snack products. The business provides services and capabilities aimed at supporting clients across the food and beverage supply chain.
The court approval in Ontario and the Canadian competition no-action letter represent material steps toward completing the sale, but they do not by themselves conclude the transaction. Observers will need to watch for confirmation that other regulatory conditions have been met and that the customary closing conditions are satisfied before the deal is finalized.
What this means
- The proposed buyer is an affiliate of Refresco Holding B.V., and the agreed cash price is $6.50 per SunOpta share.
- Canadian competition clearance - at least as it pertains to the Commissioner under Canada’s Competition Act - has been addressed via a no-action letter.
- Completion of the transaction still depends on further regulatory approvals and customary closing requirements.