Sleep Country to be acquired by Fairfax Financial Holdings for $1.7 billion
By The Canadian Press on July 22, 2024.
TORONTO – Sleep Country Canada Holdings Inc. says it has agreed to be sold to Fairfax Financial Holdings Limited for around $1.7 billion. The deal would see a subsidiary of the financial holding company acquire all issued and outstanding common shares of Sleep Country for $35 per share. The sale is expected to close in the fourth quarter of 2024, subject to court approval and other customary conditions. Once completed, Sleep Country says it will apply to have its common shares delisted from the Toronto Stock Exchange. Sleep Country president and CEO Stewart Schaefer says the transaction “clearly demonstrates the value and strength of our brands and organization.” The company’s co-founder Christine Magee, who chaired a special committee of independent directors that oversaw the negotiation, says the deal provides “certainty of significant and immediate value to shareholders.” Prem Watsa, chairman and chief executive of Fairfax, says it looks forward to working with Schaefer and the entire Sleep Country team “to further develop this remarkable Canadian success story over the long term.” This report by The Canadian Press was first published July 22, 2024. Companies in this story: (TSX:ZZZ, TSX:FFH) 9-8
