07/25/2013 07:55 EDT | Updated 09/24/2013 05:12 EDT

B.C. juice maker Sun-Rype signs $94M deal with Great Pacific to go private

KELOWNA, B.C. - Sun-Rype Products Ltd. (TSX:SRF) said Thursday it has entered into an agreement with its majority owner Great Pacific Industries Inc. to privatize the company.

The snack and juice maker said the deal is worth $94 million, and includes the assumption of debt and liabilities.

Great Pacific Industries Inc., a member of The Jim Pattison Group, and SRF Acquisition Inc., a wholly-owned subsidiary, will pay $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.

Sun-Rype said this offer is a 20 per cent premium on the weighted average trading price of the stock.

It still needs to pass regulatory approvals, and also be voted on by shareholders at a special meeting scheduled on or about Sept. 24.

The proposal was first announced on June 28.