CANADA: Magnotta Winery Corp to go private
Magnotta Winery Corp's controlling family has announced that it intends to buy all outstanding shares in the company and take it private.
The Magnotta family, which holds 60.47% of the group, has said that it plans to acquire all remaining shares in the firm for CAD2.9 (US$2.8) each. If the acquisition goes through, Magnotta Winery will go private.
The family said yesterday (21 November) that it has joined with another anonymous shareholder, which holds 15.95% of the Ontario-based winery, to push the deal through at a shareholder vote that will be held in January. It said that the offer price represents a 59% premium on the company's closing price on the Toronto Stock Exchange yesterday.
An independent committee convened by Magnotta's board of directors to examine the proposal has said that the deal represents fair value to shareholders.
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