Primo Water: Jumps after entering $549.4 mln deal with Cott

Primo Water

13/01/2020 12:41

** Shares of water dispenser provider  PRMW.O  jump 23.4% to
$13.69, an over five-month high
    ** Cott  BCB.TO  says it will acquire Primo Water for $549.4
mln, or $14 per share, a premium of 26.2% to previous close
    ** Under deal, Cott would pay $5.04 in cash and 0.6549
common shares of Cott, or, at the election of Primo’s
stockholders, $14.00 in cash or 1.0229 common shares of Cott for
each Primo share
    ** As Primo and Cott have been strategic partners for six
years, we expect a smooth transition and integration - Cott CEO
Tom Harrington  urn:newsml:reuters.com:*:nGNXbbTtgg
    ** Cott is also evaluating strategic alternatives for its
S&D Coffee and Tea business as it looks to transition into a
pure-play water company
    ** PRMW had fallen ~20% in 2019

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@ThomsonReuters.com))