Canadian natural and organic food group SunOpta has detailed plans to sell more shares in the business in a bid to raise just over US$100m.
The underwritten public offering will consist of 16,670,000 common shares to be offered at a price of $6 per share.
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The underwriters, led by BMO Capital Markets and Citigroup, have the option to purchase up to an additional $15m – or 2,500,500 common shares – for a period of 30 days following the pricing of the offering.
The offering is scheduled to close on 30 September.
SunOpta, already listed on the Toronto Stock Exchange and on the NASDAQ, will use the net proceeds of the offering to fund a portion of the purchase price of the acquisition of Sunrise Holdings, the parent of US frozen fruit group Sunrise Growers. SunOpta entered into an agreement to acquire Sunrise from an investor group led by Paine & Partners for $450m earlier this summer.
If this deal were to fall through, SunOpta will use the net proceeds for "general corporate purposes".
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