Great Pacific Industries Inc., a member of The Jim Pattison Group, and SRF Acquisition Inc., a wholly-owned subsidiary of Great Pacific, has offered $7.50 per share for the stake it does not already own.
Great Pacific and its affiliates currently own a 54 per cent stake in Sun-Rype or roughly 5.82 million shares.
Shares in Sun-Rype, which revealed the proposal after the close of markets Friday, closed down 29 cents at $5.76 on the Toronto Stock Exchange.
A committee of the independent members of the board of directors has been established to review the offer, which would require approval by a majority of the minority shareholders of Sun-Rype.
Sun-Rype makes and sells fruit-based juices and snacks.