Sundial Growers Sees Alcanna Shareholders Approve Acquisition

Alcanna Inc (TSX: CLIQ) shareholders have approved the previously announced plan of arrangement with Sundial Growers (NASDAQ: SNDL). The company announced Friday evening after the close of markets that its shareholders had accepted the offer to be acquired by the cannabis operator.

The arrangement, which remains subject to one final regulatory approval, will see Alcanna shareholders receive 8.85 common shares of Sundial, as well as $1.50 in cash per each share of Alcanna held. The offer, which was revised at the 11th hour, presumably due to some behind-the-scenes negotiating, originally was set to consist of an all-share transaction.

With the cash component added to the mix, the transaction was approved with 90% of the votes cast being in favour of the transaction, handily meeting the two third majority required to proceed with the deal.

As a result of the transaction being modified just days before the vote was conducted, dissent rights related to the transaction have been extended through to January 14, should any shareholders that previously voted in favour of the transaction change their mind with the revised offer.

Assuming the final approvals are granted, the transaction is expected to close in the first quarter of 2022.

With the closing of the transaction, Sundial will also obtain a majority position in Nova Cannabis (TSX: NOVC), which is currently held by Alcanna.

Sundial Growers last traded at $0.60 on the Nasdaq.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Sundial Growers Secures Further Funding

Sundial Growers (NASDAQ: SNDL) announced this morning that it had secured $140 million in additional...

Friday, August 30, 2019, 09:43:39 AM

Sundial Growers Slated To Close Acquisition of Retailer Inner Spirit On Monday

Sundial Growers (NASDAQ: SNDL) is one step closer to closing its acquisition of Inner Spirit...

Thursday, July 15, 2021, 08:24:59 AM

Sundial Growers Issues Response to Report of Zenabis Returning 554 Kilos of Cannabis

Sundial Growers Inc (NASDAQ: SNDL) quietly issued a response this morning to a report made...

Monday, August 19, 2019, 10:37:13 AM

Sundial Sees Credit Facility Waivers Extended By Two Weeks

Sundial Growers (NASDAQ: SNDL) appears to be hanging on by a thread. Last night, on...

Thursday, April 16, 2020, 08:55:24 AM

Sundial Growers Sweetens Deal To Include Cash For Alcanna Shareholders

Sundial Growers (NASDAQ: SNDL) is doing all that it can to salvage its proposed acquisition...

Thursday, January 6, 2022, 09:32:36 AM