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May 5, 2021, 9:00 a.m. EDT

UPDATE: Canadian cannabis company Sundial to acquire Inner Spirit in cash-and-stock deal valued at C$131 million

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By Ciara Linnane

Canadian cannabis company Sundial Growers Inc. /zigman2/quotes/213489825/composite SNDL -2.98% said Wednesday it has reached an agreement to acquire Inner Spirit Holdings Ltd. /zigman2/quotes/206656526/composite INSHF -2.38% /zigman2/quotes/203182335/delayed CA:ISH -3.90% , a retailer and franchisor of Spiritleaf recreational cannabis stores across Canada, in a cash and stock deal valued at about C$131 million ($106.7 million). Under the terms of the deal, Inner Spirit shareholders will receive 30 cents in cash and 0.0835 of a Sundial common share for each share owned, equal to 39 cents per share. That represents a premium of 54.8% over the 10-day volume-weighted average price of Inner Spirit shares on the Canadian Securities Exchange, and a premium of 62.5% over its closing price on Tuesday. The deal is expected to close early in the third quarter. Both companies are microstocks; Sundial closed at 79 cents on Tuesday, while Inner Spirit closed at 20 cents. Inner Spirit has 86 stores in British Columbia, Alberta, Saskatchewan, Ontario, and Newfoundland and Labrador. U.S.-listed shares of Sundial, which once had a $1 billion valuation, , were up 4.9% premarket.

/zigman2/quotes/213489825/composite
US : U.S.: Nasdaq
$ 0.96
-0.03 -2.98%
Volume: 91.26M
June 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.84 billion
Rev. per Employee
$115,272
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/zigman2/quotes/206656526/composite
US : U.S.: OTC
$ 0.31
-0.0075 -2.38%
Volume: 41,141
June 17, 2021 12:38p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$90.15 million
Rev. per Employee
N/A
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/zigman2/quotes/203182335/delayed
CA : Canadian Securities Exchange
$ 0.37
-0.02 -3.90%
Volume: 82,000
June 17, 2021 3:17p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$109.79 million
Rev. per Employee
N/A
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