Sepp’s Gourmet Foods Ltd. (TSE-SGO) (“Sepp’s”), has received notice that Janes Family Foods Ltd (“Janes”) intends to make a takeover bid for all of the issued and outstanding common shares of Sepp’s.
The proposed takeover bid price will be $0.84 per common share. The bid will be subject to acquisition by Janes of at least 33.5% of the issued and outstanding common shares of Sepp’s, including those common shares of Sepp’s which are presently held by Janes.
No further information has been made available by Janes at this point and, as such, neither Sepp’s nor the Independent Committee can make any representations as to the eventual terms, timing and conditions of the offer, nor any assurances as to whether the offer will proceed at all.
The bid that had previously been made by certain shareholders, directors, and members of management to acquire all of the outstanding common shares of Sepp’s for $0.71 per share in a going private transaction remains outstanding.
The Independent Committee of the Board of Directors of Sepp’s is in discussion with Janes as to the nature and timing of the intended bid and will report to the Board following completion of these discussions.
Further details will be disseminated to the public if and when they become available.