SNDL Completes $37M Nova Cannabis Acquisition, Strengthening Canadian Market Position
SNDL Inc. (NASDAQ:SNDL) announced Monday the completion of its acquisition of Nova Cannabis Inc. (OTC:NVACF) (TSX:NOVC), securing full ownership by purchasing the remaining 34.8% of shares it did not already hold. The transaction was approved by over two-thirds of Nova shareholders and a majority of disinterested shareholders, enhancing SNDL’s cannabis retail operations efficiency.
Nova Shareholders Cash In On Deal
Under the arrangement, Nova shareholders received $1.75 in cash per share, a 41.2% premium over the 20-day volume-weighted average trading price as of August 12, 2024.
Alternatively, they could opt for 0.58 of a SNDL common share for each Nova share, subject to proration and a maximum of 50% of the total consideration payable in SNDL shares. The majority chose cash, with only a small fraction electing to receive SNDL shares.
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