NBLY stock spikes on revised buyout

If it wasn’t a trend before, surely it is now.

Another Canadian tech has been snatched up by a private equity firm. This time, it’s Neighbourly Pharmacy (Neighbourly Pharmacy Stock Quote, Chart, News, Analysts, Financials TSX:NBLY), completing a deal that was announced last fall, selling to Toronto-based Persistence Capital Partners, which was the largest shareholder of the firm, which went public in 2021.

The deal, which values NBLY at $18.50, is two bucks shy of the original buyout price, but had unanimous approval from the company’s board. According to a report in the Globe and Mail, Persistence Capital reduced the buyout price due to difficult market conditions.

“We are pleased that the Transaction Committee has unanimously agreed to support this enhanced offer, which provides a fair and attractive return to Neighbourly’s public shareholders,” said Stuart M. Elman, Managing Partner of PCP. “We are confident that this transaction will enable Neighbourly to accelerate its growth and achieve its strategic vision to advance the role that independent pharmacies can play across Canada, creating value for its customers, patients, employees, and partners.”

Toronto-based Neighbourly owns Canada’s largest network of independent pharmacies.

At press time, shares of NBLY were up 15.7 per cent to $18.22.