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.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.