Business
SUN GRO AGREES TO FRIENDLY TAKEOVER BY IKO FOR $6.60 PER SHARE IN CASH
Jan. 16, 2011 (Canada NewsWire Group) -- Trading Symbol: The Toronto Stock Exchange - GRO ...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\n Jan. 16, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTrading Symbol: The Toronto Stock Exchange - GRO\n\n\nVANCOUVER, Jan. 16 /CNW/ - Sun Gro Horticulture Inc., formerly Sun Gro\n Horticulture Income Fund ("Sun Gro"), today announced that it has\n entered into a support agreement (the "Support Agreement") with IKO\n Enterprises Ltd. ("IKO"), a privately-held Canadian manufacturing and\n distribution company with operations throughout North America and\n Europe. Pursuant to the Support Agreement, IKO has agreed, subject to\n certain conditions, to make an offer to acquire all of the issued and\n outstanding common shares of Sun Gro, other than shares held by IKO and\n its affiliates and joint actors, for a price per share of C$6.60 in\n cash (the "Offer"). IKO and its affiliates and joint actors currently\n own or control approximately 19% of Sun Gro's outstanding shares.\n\n\nThe C$6.60 cash price per share under the Offer represents a premium of\n 56% over the volume-weighted average trading price for Sun Gro units\n for the 20 days prior to September 7, 2010, the date that Sun Gro\n announced its intention to form a Special Committee and seek strategic\n alternatives, and a 28% premium over the 20-day volume-weighted average\n trading price prior to the date of this announcement.\n\n\nThe Offer will be effected by way of a takeover bid. Full details of the\n Offer will be contained in a formal offer and takeover bid circula...