SNDL Will Buy Remaining Nova Cannabis Shares For $29M, Here's What's Happening And When
Portfolio Pulse from Jelena Martinovic
SNDL Inc. (NASDAQ:SNDL) will acquire the remaining 34.8% of Nova Cannabis Inc. (TSX:NOVC) shares for approximately $29.1 million. The deal, approved by both companies' boards, offers Nova shareholders $1.75 per share in cash or 0.58 SNDL shares per Nova share. The transaction is expected to close by October 18, 2024, and aims to enhance SNDL's retail portfolio and generate cost savings.
August 13, 2024 | 4:32 pm
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SNDL Inc. will acquire the remaining 34.8% of Nova Cannabis shares for $29.1 million. The deal aims to enhance SNDL's retail portfolio and generate cost savings. SNDL shares rose 4.98% following the announcement.
The acquisition will likely strengthen SNDL's retail portfolio and generate cost savings, which is positive for the company's growth prospects. The immediate market reaction was a 4.98% increase in SNDL's share price.
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