SNDL Inc. (NASDAQ:SNDL) has entered into an agreement of purchase and sale with Superette Inc., pursuant to which it proposes to acquire substantially all of the business and assets of Superette through a hybrid asset purchase and 'reverse vesting' transaction.
Superette intends to return to court on September 9, 2022 to seek approval of, among other things, an amended and restated initial order and an order approving a sale and investment solicitation process (the "SISP"). Subject to court approval at the comeback hearing, the Stalking Horse agreement will serve as the "stalking horse bid" in the SISP, and is to be supervised by the court and conducted by PricewaterhouseCoopers Inc., the court-appointed monitor of Superette. The Stalking Horse Bid will set the floor, or minimum acceptable bid for potential alternative bids to be submitted in the SISP, which is designed to achieve the highest and best offer for Superette's business and assets.
