TORONTO — Sleep Country Canada Holdings Inc. says it has agreed to be sold to Fairfax Financial Holdings Ltd. for around $1.7 billion.
The deal announced Monday would see a subsidiary of the Toronto-based financial holding company acquire all issued and outstanding common shares of Sleep Country for $35 per share.
Christine Magee, who co-founded Sleep Country in 1994 and now chairs a special committee of independent directors, added the deal was the product of"extensive negotiation" and has gone through a comprehensive assessment process. The business run by billionaire Prem Watsa, who is referred to as the"Canadian Warren Buffet," often dabbles in retail deals. Fairfax bought Toys"R" Us Canada in 2018 for $300 million after the toy store chain reorganized under the Companies’ Creditors Arrangement Act.
Sleep Country has also left the door open to entertain other offers. It says the deal gives the business the right to terminate the agreement and accept a superior proposal in some unspecified circumstances, though Fairfax will have the right to match any offer.
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