Court approves sale of Sleep Country to Fairfax Financial
TORONTO — The sale of Sleep Country Canada Holdings Inc. to Fairfax Financial Holdings Ltd. has received final court approval.
The mattress retailer says the approval from the Ontario Superior Court of Justice comes after Sleep Country shareholders earlier this month voted 99.93 per cent in favour of the deal.
Chief executive Stewart Schaefer told investors after the vote he was pleased they approved the agreement, which he says will unlock shareholder value.
The $1.7-billion deal will see Fairfax acquire all issued and outstanding common shares of Sleep Country for $35 per share.
Sleep Country says the deal is expected to close on or about Oct. 1, subject to customary closing conditions.
Once the deal is completed, Sleep Country will apply to delist from the Toronto Stock Exchange.
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