Jim Pattison Group bids C$37 million to take Sun-Rype Products private

Fri Jun 28, 2013 7:15pm EDT

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(Reuters) - Juice and snacks maker Sun-Rype Products Ltd SRF.TO has received a proposal from Great Pacific Industries Inc to take the company private in a deal valued at about C$37 million.

Great Pacific Industries is part of The Jim Pattison Group, which owns well known entertainment brands such as 'Ripley's Believe It or Not!' and 'Guinness World Records'.

Great Pacific and its affiliates already own about 5.82 million, or about 54 percent, of Sun-Rype's common shares.

Under the proposal, all shareholders of the company, other than Great Pacific and its affiliates, would receive C$7.50 cash for each Sun-Rype common share, a 30 percent premium over Friday closing price.

Jim Pattison is a Canadian billionaire and sole owner of The Jim Pattison Group, one of the country's largest privately held companies. The group owns television and radio stations, car dealerships and grocery store chains, among a host of other businesses.

The group also announced in May that it would buy, subject to regulatory approval, 3 FM radio stations from Bell Media and Astral Media Inc ACMa.TO.

Shares of Kelowna, British Columbia-based Sun-Rype closed down about 5 percent at C$5.76 on the Toronto Stock Exchange.

(Reporting by Shounak Dasgupta in Bangalore and Euan Rocha in Toronto; Editing by Richard Chang)

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