Prospective Buyers Looking Into Merit Functional Foods

We won’t know until the end of April at the earliest, what will become of Winnipeg pea- and canola-based protein processor Merit Functional Foods.

Merit, whose major shareholders include Vancouver plant-based protein firm Burcon NutraScience, U.S. agrifood firm Bunge and former executives of Hemp Oil Canada, was placed into receivership on March 1st.

According to the first report from receiver PricewaterhouseCoopers, filed with Court of King’s Bench in Winnipeg, a data room has already been set up and an information brochure circulated to some prospective buyers.

In its report, the receiver says it will accept “qualified offers” for Merit’s assets until 4 p.m. CT on April 21, and expects to “determine the accepted offer” by April 28.

A “definitive agreement” would then be reached by no later than May 12, court approval granted by May 26, and a deal closed by “not later than May 31.”

Burcon, which has a 31.6 per cent stake in Merit, has already announced it will bid on the Merit assets.

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