09:48 AM EDT, 08/13/2024 (MT Newswires) -- SNDL ( SNDL ) will acquire the remaining 35% of Nova Cannabis shares it doesn't already own for around 40 million Canadian dollars ($29.1 million) under a statutory plan of arrangement, the companies said Tuesday.

Nova shareholders can choose between CA$1.75 in cash per share or 0.58 SNDL ( SNDL ) shares per Nova share, with up to 50% of the consideration payable in SNDL ( SNDL ) shares, according to the companies.

The deal is expected to close by Oct. 18, the companies said.

The agreement includes an $800,000 termination fee payable to SNDL ( SNDL ) by Nova if the deal is canceled under certain conditions.

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