Board approved the revised merger scheme with Devyani International after SFML and Arctic mutually terminated the SPA for the proposed secondary sale of approximately 18.5% of Sapphire Foods. Removing the secondary-sale transaction as a condition precedent allows the merger process to continue in the ordinary course. The share-exchange ratio and other scheme terms remain unchanged. SFML will receive Devyani shares like other Sapphire shareholders, while a future secondary transaction with Arctic may still be explored. The merger remains subject to requisite approvals and is not yet complete.
Sapphire Foods Terminates 18.5% Arctic Secondary Sale, Revises Merger Scheme
Sapphire Foods Gets Stock Exchanges' No-Objection For Devyani Merger