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 Holdings (CSE: ISH), the Canadian cannabis retailer. Inner Spirit this morning indicated that it has received shareholder approval to proceed with the transaction.

The approval from shareholders pushes the transaction along to the next step in the process, whereby Inner Spirit will now look to receive a final order from the Court of Queen’s Bench of Alberta to proceed with the arrangement. The related hearing is expected to be held on July 16, with the final closing of the transaction slated to occur on Monday, July 19.

Under the terms of the transaction, Inner Spirit shareholders are to receive a $0.30 cash payment in exchange for each share held of the company, along with 0.0835 of a Sundial common share. Based on yesterday’s closing price, total consideration currently sits at roughly $0.388 once currency conversion rates are factored in.

The transaction itself was approved by 99.14% of the votes cast.

Inner Spirit Holdings last traded at $0.385 on the CSE.


Information for this briefing was found via Sedar 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

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Sundial: Canaccord Raises Price Target Following Q1 Results

Sundial Growers (NASDAQ: SNDL) reported its first-quarter results on May 11th after the bell. The...

Friday, May 14, 2021, 02:26:00 PM

Sundial: SNDL Growers’ Wild Ride

SNDL is a NASDAQ-listed stock, printed by the treasury of a company (Sundial Growers) that...

Thursday, February 11, 2021, 11:45:00 AM

Sundial Growers Acquires $58.9 Million In Outstanding Senior Secured Debt Owed By Zenabis Global

It appears that Sundial Growers (NASDAQ: SNDL) is interested in that of Zenabis Global (TSX:...

Wednesday, December 30, 2020, 07:39:23 AM

Sundial Growers To Acquire Inner Spirit Holdings For $131 Million

Sundial Growers Inc. (NASDAQ: SNDL) announced today that it has entered into an agreement with...

Wednesday, May 5, 2021, 07:51:08 AM

Sundial Growers Axes Management Team, Implements Cost Cutting Measures

Sundial Growers (NASDAQ: SNDL) is the latest cannabis operator to go through significant management changes...

Thursday, January 30, 2020, 08:52:38 AM