Neighbourly Pharmacy (TSE:NBLY), Canada’s top independent pharmacy network, is set to be acquired. The company has announced a letter of intent with Persistence Capital Partners (PCP) for a buyout. Under the terms, PCP will acquire all common shares of Neighbourly, except those already owned by PCP, for C$20.50 each. This offer represents a ~69% premium compared to NBLY stock’s previous closing price of C$12.12. As a result, the stock is currently above C$19, up about 60%.
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This acquisition is seen as a strategic move for Neighbourly to enhance its market position. Stuart M. Elman, Managing Partner at PCP, believes that this deal will benefit all stakeholders and further Neighbourly’s growth. The deal is expected to close between late 2023 and early 2024, pending necessary approvals.