Sleep Country to be acquired by Fairfax
Torys is acting as counsel to Fairfax with a team that includes David Chaikof, Janan Paskaran, Daniel Masliyah, Sarah Horsfall and Shree Gandhi (corporate/M&A), Omar Wakil and Ian Li (competition), John Tobin and Benjamin Mann (tax), Jennifer Lennon, Tom Stevenson and Parker Baglole (employment), Nooreen Bhanji (real estate), Tyrel Henderson (lending), Edward Fan (IP) and Andrew Gray (litigation).
On July 22, 2024, Sleep Country Canada Holdings Inc. ("Sleep Country") announced that it entered into an arrangement agreement dated July 21, 2024 with 16133258 Canada Inc., a newly-formed and wholly-owned subsidiary of Fairfax Financial Holdings Limited ("Fairfax") and Fairfax, as guarantor, whereby 16133258 Canada Inc. will acquire all of the issued and outstanding common shares of Sleep Country for C$35.00 in cash per common share held.
The transaction will be completed pursuant to a plan of arrangement under the Canada Business Corporations Act and have a total enterprise value of approximately C$1.7 billion.
The transaction is expected to close in the fourth quarter of 2024, subject to shareholder, court and other regulatory approvals, as well as satisfaction of certain other closing conditions customary in transactions of this nature.
Upon closing, Sleep Country’s common shares will be delisted from the Toronto Stock Exchange and will cease to be a reporting issuer under applicable Canadian securities laws.
Further information can be found on Canada Newswire’s website.
Sleep Country Canada Holdings Inc. is Canada's leading specialty sleep retailer with a purpose to transform lives by awakening Canadians to the power of sleep.
Fairfax Financial Holdings Limited is a holding company whose corporate objective is to build long term shareholder value by achieving a high rate of compound growth in book value per share over the long term.