A counterproposal by a syndicate of parties that opposed a proposed stalking-horse agreement between cannabis retailer Fire & Flower and its largest shareholder, an affiliate of convenience store operator Alimentation Couche-Tard, was rejected by an Ontario judge.
In doing so, the Ontario Superior Court also approved the proposed sale and investment solicitation process (SISP) brought by the Couche-Tard affiliate.
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Fire & Flower, headquartered in Toronto, was granted creditor protection in early June under the Companies’ Creditors Arrangement Act (CCAA), allowing the company to maintain day-to-day operations and consult with stakeholders over its future.
Shortly after, in an affidavit filed with the court, Shawn Dym, Fire & Flower’s second-largest shareholder, called the SISP “truncated” and a “fire sale.”
Dym and his syndicate argued the deal wasn’t in the best interest of Fire & Flower or its investors.
The judge sided with the Alimentation Couche-Tard affiliate, which owns
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