Business
Sleep Country to be Acquired by Fairfax
Sleep Country to be Acquired by Fairfax Canada NewsWire Sleep Country Shareho...
About this update from Fairfax Financial Holdings Limited
[{"type":"text","content":"\n \n \n \n Sleep Country to be Acquired by Fairfax\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Sleep Country Shareholders to Receive\n \n $35.00\n \n Per Common Share in Cash\n \n \n \n (All dollar amounts in this news release are expressed in Canadian dollars.)\n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 22, 2024\n \n \n /CNW/ - Sleep Country Canada Holdings Inc. (\"Sleep Country\" or the \"Company\") (TSX: ZZZ), announced today that it has entered into an arrangement agreement dated\n \n July 21, 2024\n \n (the \"Arrangement Agreement\") with 16133258 Canada Inc. (the \"Purchaser\"), a newly-formed and wholly-owned subsidiary of Fairfax Financial Holdings Limited (\"Fairfax\") (TSX: FFH) (TSX: FFH.U) and Fairfax, as guarantor, in respect of a transaction (the \"Transaction\") whereby the Purchaser will acquire all of the issued and outstanding common shares of Sleep Country for\n \n $35.00\n \n in cash per common share (the \"Purchase Price\"), representing a total enterprise value of approximately\n \n $1.7 billion\n \n . The Purchase Price represents a 34% premium to the 20-day volume-weighted average price of the Company's common shares on the TSX for the period ending on\n \n July 19, 2024\n \n , and a 28% premium to the closing price on\n \n July 19, 2024\n \n .\n \n \n \"We have concluded that this transaction is in the best interests of Sleep Country and is fair to our shareholders. Following a comprehensive assessment and our extensive negotiations with Fairfax, we are pleased to have reached an agreement that provides certainty of significant and immediate value to shareholders\" said\n \n Christine Magee\n \n , Chair of the special committee of independent directors of Sleep Country that oversaw the negotiation of the Transaction (the \"Special Committee\").\n \n \n \n Stewart Schaefer\n \n , President and Chief Executive Officer of Sleep Country, continued, \"I am ext...