September 25, 2015 / 3:16 PM / 2 years ago

BUZZ-SunOpta Inc: Prices offering

1 Min Read

** Canadian organic food company's U.S. shares down 8.2 pct at $5.71; Toronto shares down 8.4 pct at C$7.62

** Public offering priced at $6/shr, a 3.7 pct discount to stock's Thursday close on Nasdaq

** Offering represents 24.3 pct of outstanding shares

** SunOpta tol use net proceeds to fund acquisition of organic frozen fruit supplier Sunrise Holdings, announced in July

** Brokerage D.A. Davidson cuts price target to $8.50 from $12.50; Median PT is $12.50, according to Thomson Reuters data

** Davidson cuts earnings multiple forecast to 15x-16x from 20x, saying level of financing for Sunrise may "inhibit some opportunities" for growth in near term

** Up to Thursday's close, U.S.-listed stock had fallen 39.5 pct since the company announced it would buy Sunrise

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