Wild Pixel
- Canadian Cannabis Player SNDL (NASDAQ:SNDL) has agreed to acquire the remaining minority stake in its subsidiary Nova Cannabis (OTCQB: NVACF) for a total consideration of approximately $40 million, the companies announced Tuesday.
- Under the terms, Calgary, Alberta-based SNDL (SNDL) will seek to: To buy approximately 34.8% of Nova (OTCQB:NVACF) shares at $1.75 cash per share.
- The offer represents a premium of about 41% to Nova’s (OTCQB:NVACF) 20-day adjusted average price at the close of market on the Toronto Stock Exchange (TSX) on Monday. In lieu of cash, shareholders will also be entitled to receive 0.58 SNDL common shares for each Nova (OTCQB:NVACF) share they own.
- The transaction is expected to close on or before October 18, 2024, and Nova (OTCQB:NVACF) will not be delisted from the Toronto Stock Exchange once the acquisition is completed.