Standard Diversified Inc. Provides Update on Pending Corporate Reorganization
SPECIAL DIVERSIFIED OPPORTUNITIES INC CL A (SDI)
Company Research
Source: Business Wire
Discusses Certain Terms of Merger AgreementAlso Updates Status of Insurance Company and Out-of-Home Advertising Business NEW YORK--(BUSINESS WIRE)--Standard Diversified Inc. (the “Company”) (NYSE American: SDI) today provided an update with respect to the pending corporate reorganization to be accomplished through a merger (the “Merger”) with Turning Point Brands, Inc. (“Turning Point”), of which the Company held a slightly greater than 50% interest as of December 31, 2019. As announced on April 8, 2020, the Company and Turning Point have entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which the Company will merger with and into Standard Merger Sub, LLC, a wholly owned subsidiary of Turning Point (“Merger Sub”), with Merger Sub surviving the Merger as a wholly owned subsidiary of Turning Point. The Merger is intended to constitute a tax-free “downstream reorganization” for U.S. federal income tax purposes.Pursuant to the Merger Agreement, each sha
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