Standard Diversified Inc. Announces Plans to Pursue a Corporate Reorganization with Its Subsidiary Turning Point Brands, Inc.
SPECIAL DIVERSIFIED OPPORTUNITIES INC CL A (SDI)
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Standard Diversified Inc. (the “Company”) (NYSE American: SDI) today announced that it intends to pursue a merger with Turning Point Brands, Inc. (“Turning Point”), of which the Company held a 50.1% interest as of September 30, 2019. Pursuant to the proposed transaction, which would be a statutory merger implemented via Delaware law and which is intended to constitute a tax-free “downstream reorganization” for U.S. federal income tax purposes, the Company would be merged with and into a wholly owned subsidiary of Turning Point with Turning Point as the survivor of the Merger. Pursuant to the merger, holders of the Company’s common stock would receive, in return for their Company common stock, shares of the common stock of Turning Point.The details and timing of the proposed merger have not yet been determined, and there can be no assurance that any definitive agreement will be executed or that any transaction will be approved or consummated. The Company’
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