TORONTO--(BUSINESS WIRE)--SunOpta Inc. (“SunOpta”) (Nasdaq:STKL) (TSX:SOY), a leading global company focused on organic, non-genetically modified and specialty foods, today announced that additional information is available regarding the matters to be considered at its Annual and Special Meeting of Shareholders, which SunOpta has set for May 24, 2017 at 4:00 P.M. in Mississauga, Ontario, Canada.
Oaktree Capital Management, L.P. ("Oaktree") has requested SunOpta's consent to waive a standstill provision that restricts Oaktree from acquiring additional securities of SunOpta. Oaktree has requested the waiver to acquire up to 5,125,036 common shares of SunOpta, being the number of common shares that would increase Oaktree's beneficial ownership to 19.99% of common shares currently outstanding on a partially-diluted basis, assuming the exchange of all shares of preferred stock issued by a subsidiary of SunOpta to Oaktree in October, 2016. The Board of Directors is currently considering Oaktree's request. As Oaktree is a related party of SunOpta and has two nominees on the Board of Directors, the Board of Directors has established a process to have the disinterested directors of the Board of Directors consider the request and negotiate the terms thereof.
Additional information is available in a Supplement to SunOpta's Proxy Statement filed April 13, 2017. The Supplement is available and can be viewed on SEDAR and EDGAR.
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic, non-genetically modified (“non-GMO”) and specialty foods. SunOpta specializes in the sourcing, processing and packaging of organic and non-GMO food products, integrated from seed through packaged products; with a focus on strategic vertically integrated business models. SunOpta’s organic and non-GMO food operations revolve around value-added grain, seed, fruit and vegetable based product offerings, supported by a global sourcing and supply infrastructure.