SunOpta files proxy materials for shareholder vote on Refresco acquisition

SunOpta Inc. (NASDAQ: STKL) filed proxy materials for a special shareholder meeting to vote on a proposed $6.50 per share cash acquisition by an affiliate of Refresco Holding B.V. The meeting is scheduled for April 16, 2026 at 10:00 a.m. Eastern time in virtual format.

The acquisition values SunOpta at approximately $1.1 billion enterprise value, representing a 44% premium to the company's 20-trading-day volume weighted average price as of February 5, 2026. The transaction implies an acquisition multiple of approximately 12.0x based on the company's adjusted EBITDA guidance for fiscal year ended January 3, 2026.

SunOpta's board of directors unanimously recommends shareholders vote in favor of the arrangement following a review by a special committee of independent directors. The board cited the compelling value proposition, certainty of cash consideration, and results of a strategic alternatives review process conducted with financial advisor Lazard Frères & Co. LLC.

The Ontario Superior Court of Justice granted an interim order on March 16, 2026 authorizing the shareholder meeting and proxy solicitation. Shareholders of record as of March 10, 2026 are entitled to vote, with proxies due by April 14, 2026 at 10:00 a.m. Eastern time.

The arrangement requires approval from holders of common shares and special shares voting together as a single class. The proxy materials detail the transaction terms, board recommendations, and voting procedures for the proposed acquisition by the Netherlands-based beverage solutions provider.

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