Better Choice Company Announces Formation of Special Committee to Evaluate M&A and Asset Monetization
Rhea-AI Summary
Better Choice Company Inc. (NYSE American: BTTR) has formed a special committee to evaluate M&A and asset monetization opportunities. The committee, consisting of Lionel Conacher, John Word III, and Michael Young, will explore options including joint ventures, acquisitions, and dispositions. This move follows the termination of Alphia Inc's right of first refusal, which had previously hindered the company's ability to pursue corporate transactions.
Michael Young, Chairman of Better Choice, stated that this development removes a major obstacle in the company's pursuit of transactions that could benefit shareholders. The committee may also re-engage with candidates who had previously expressed interest in discussions with the company.
Positive
- Formation of special committee to evaluate M&A and asset monetization opportunities
- Removal of Alphia Inc's right of first refusal, enabling pursuit of corporate transactions
- Potential for shareholder value creation through strategic transactions
Negative
- None.
News Market Reaction – BTTR
In the trading session that priced this news, BTTR declined 1.33%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
TAMPA, Fla., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE American: BTTR) (“Better Choice” or “the Company”), a pet health and wellness company, today announced that its Board of Directors has formed a special committee consisting of Lionel Conacher, John Word III and Michael Young.
The committee’s mandate will be to evaluate all and any M&A and asset monetization opportunities, including joint ventures, acquisitions, dispositions, and may re-engage certain candidates previously expressing an interest in having discussions with the Company.
According to Mr. Young, Chairman of the Company, “The termination of the right of first refusal held by Alphia Inc, as part of the previously announced litigation settlement has alleviated one of the major roadblocks to the Company’s pursuit of a corporate transaction in the best interest of our shareholders.”
About Better Choice Company Inc.
Better Choice Company Inc. is a rapidly growing pet health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. We take an alternative, nutrition-based approach to pet health relative to conventional dog and cat food offerings and position our portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. We have a demonstrated, multi-decade track record of success selling trusted pet health and wellness products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions about their pet’s health. We sell the majority of our dog food, cat food and treats under the Halo brand, which is focused, respectively, on providing sustainably sourced kibble and canned food derived from real whole meat, and minimally processed raw-diet dog food and treats. For more information, please visit
https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Company Contact:
Better Choice Company, Inc.
Kent Cunningham, CEO
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
Valter@KCSA.com
