SunOpta Inc., the Eden Prairie company behind a lineup of plant-based beverages and other "better-for-you" food products, said Thursday it has agreed to be acquired by Netherlands-based bottler Refresco for $6.50 a share, a price that news outlets and market data peg at close to $798 million. The announcement lit a fire under SunOpta’s stock, with trading up roughly 30% on the day. If shareholders and regulators sign off, the deal will take SunOpta private and its public shares will be delisted.
Deal terms, advisors and timing
The two companies said their boards unanimously signed off on a definitive arrangement and that they expect the transaction to close in the second quarter of 2026, subject to shareholder, court and regulatory approvals, according to the companies' joint press release. Under the agreement, holders of SunOpta common stock will receive $6.50 in cash per share, and SunOpta is putting quarterly earnings calls and forward guidance on pause while the deal is pending. Morgan Stanley is advising Refresco, Lazard is advising SunOpta, and KKR has lined up committed financing to back the buyout.
Structure and shareholder mechanics
The acquisition is structured as a court-approved plan of arrangement under the Canada Business Corporations Act and must win the support of at least two-thirds of voting shareholders, per SunOpta’s Form 8-K filed with the SEC. That filing shows that certain insiders and funds managed by Oaktree have already entered voting and support agreements covering about 19.5% of eligible votes, and it spells out a $41,450,000 termination fee under specified conditions. SunOpta also notes in the filing that, once the deal closes, it will cease to be a reporting issuer and its listings on the Nasdaq and the Toronto Stock Exchange will be removed.
Market reaction
The Twin Cities Business Journal pegged the value of the package at about $798 million, based on the deal terms, and investors wasted little time bidding the stock higher. Market data compiled by Yahoo Finance showed SunOpta’s Toronto-listed shares surging roughly 31% on the announcement, with U.S.-listed shares likewise reflecting the take-private premium. The sharp move underscores how a single takeover bid can rapidly reprice small-cap specialty food names.
Why Refresco moved on SunOpta
Refresco cast the deal as a way to deepen its footprint in plant-based beverages and bulk up its production network in North America, a strategic push analysts say edges the bottler further into faster-growing, better-for-you categories. Industry coverage has noted that SunOpta brings contract-manufacturing platforms and a broader product range into Refresco’s global system, bolstering both out-of-home and retail offerings. The move fits into a broader beverage M&A trend where sheer manufacturing scale and volume remain prized assets.
Local footprint and comment
SunOpta’s headquarters sit in Eden Prairie at 7078 Shady Oak Road, and the company runs manufacturing and ingredient operations across North America, according to company profiles. In the joint announcement, SunOpta CEO Brian Kocher said the deal "validates our vision of transforming SunOpta into a premier solutions partner in the high-growth better-for-you food and beverage space," signaling management’s view that the combination brings added scale and resources. Local officials and plant managers did not immediately weigh in on potential job or facility impacts.
What happens next
According to the SEC filing, SunOpta expects to mail a management information circular in March and to hold a special shareholder meeting in April to vote on the arrangement, with closing targeted for the second quarter if the necessary approvals come through. The deal still needs customary court and antitrust clearances and remains subject to the final shareholder vote and other regulatory signoffs. Investors are being pointed to forthcoming SEC materials and the companies’ press documents for the full rundown of terms, conditions and the anticipated timeline.
