Clearly Canadian Launches Bid for Sun-Rype Products Ltd.VANCOUVER, B.C.--(BUSINESS WIRE)--July 8, 1996--Clearly Canadian Beverage Corp. ("Clearly Canadian This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. ") wishes to announce that it is making an offer to acquire a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail of the share capital of Sun-Rype Products Ltd. of Kelowna, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . Under the terms of Clearly Canadian's bid, Clearly Canadian is offering to purchase all of Sun-Rype's Class A multiple voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 non- participating shares (the "Sun-Rype A Shares"), of which nine are issued and outstanding in favour of the British Columbia Fruit Growers Association, and up to 6,000,000 Class B subordinate voting common shares (the "Sun-Rype B Shares") of which 10,036,981 are issued and outstanding. Each shareholder of Sun-Rype will receive, at their election either of the following: (a) one common share of Clearly Canadian in exchange for one share of Sun-Rype; or (b) $1.61, payable in cash, plus one-half (1/2) of one Clearly Canadian share for one share of Sun-Rype. Based on Clearly Canadian's closing price of Cdn$4.50 per share, on July 5, 1996, the total value of the offer is in excess of Cdn$40,000,000 which includes the assumption of approximately $18,000,000 of Sun-Rype debt. The offer is subject to, among other matters, the removal, invalidation or redemption of Sun-Rype's shareholder rights plan and approximately 3,700,000 Sun-Rype B Shares currently owned by Sun-Rype not being transferred or otherwise dealt with. Formed in 1946, Sun-Rype is the largest juice manufacturer in Western Canada
Western Canada, commonly referred to as the West , with sales in excess of $70 million annually. Sun- Rype produces a wide range of food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. products, including some of Canada's best selling juices, granola bars and dried fruit snacks. "We believe that this is a win/win situation for the two companies whose combined annual sales were more than Cdn$135 million for 1995 and would create one of the leading companies in the US$5.5 billion North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. alternative beverage industry. "We expect that this winning combination will improve our mutual competitiveness and increase our profitability in the international marketplace," said Douglas L. Mason, Chairman, President and Chief Executive Officer of Clearly Canadian. "We believe that, in the long term, shareholders of both Clearly Canadian and Sun-Rype will benefit by owning the shares of a leading international beverage and food company with aggressive growth and diversification strategies." Mason further added, "This offer is one of the long term corporate strategies of Clearly Canadian's re-engineering efforts, which are well underway. We have made the transition from a company with a beverage to an international beverage company. Clearly Canadian has currently bought back 55 percent of its North American distribution and has increased its distribution to 61 countries. Following the successful market introductions of award winning Clearly Canadian Natural Artesian Ar`te´sian a. 1. Of or pertaining to Artois (anciently called Artesium), in France. Artesian wells wells made by boring into the earth till the instrument reaches water, which, from internal pressure, flows spontaneously like a Water and our distinctive Clearly Canadian Quencher quench tr.v. quenched, quench·ing, quench·es 1. To put out (a fire, for example); extinguish. 2. To suppress; squelch: , the response to our innovative, texturally enhanced Orbitz has been overwhelming. Orbitz is creating a sensation not only with consumers but also is being covered by national media including the Wall Street Journal, Fortune Magazine, Newsweek and the Today Show." -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CLEARLY CANADIAN BEVERAGE CORPORATION is the registered holder of the trademark "CLEARLY CANADIAN(R)". -0- CLEARLY CANADIAN BEVERAGE CORPORATION, and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , manufacture, distribute and market CLEARLY CANADIAN(R), CLEARLY TEA(TM), and CLEARLY 2(TM), CLEARLY CANADIAN QUENCHER(TM) and ORBITZ(TM) flavoured and unflavoured beverages. Through distribution and/or licensing agreements, CLEARLY CANADIAN products are sold throughout the United States, Canada, Japan, the United Kingdom, the Republic of Ireland, the Caribbean and numerous other countries worldwide. ON BEHALF OF THE BOARD OF DIRECTORS Douglas L. Mason Chairman, Chief Executive Officer & President CONTACT: Clearly Canadian Beverage Corp. Douglas L. Mason Chairman, Chief Executive Officer & President 604/683-0312, 604/683-2256 (Fax) 1-800-663-5658 (Toll Free in U.S.A.) 1-800-663-0227 (Toll Free in Canada) |
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