SAM Magazine—Sutton, Que., March 4, 2016—After what appeared to be the beginning of a bidding war for Quebec's Mont Sutton (see earlier Breaking News story), the company's board of directors announced it has rejected the offer by the Thirion-Beauregard group and will move forward with the approval process to finalize the initial offer agreed upon with the Ryan Group.

After the board and its advisors reviewed the offer submitted by the Thirion-Beauregard group on Feb. 25, the board asked the investors to revise the offer, asking for clarification on certain items. The group resubmitted the revised offer on March 3, and the board subsequently rejected it.

According to a statement sent to the Ski Sutton Inc. board of directors, the advisors and legal council concluded that the Thirion group's offer was not superior to the originally agreed-upon offer from the Ryan group. The analysis notes that the Thirion offer contains several uncertainties, and the board did not obtain sufficient guarantees that the group would have the ability to finance the purchase.

In contrast, the Ryan group's proposal has met all of the necessary criteria, and the board feels it is on schedule to complete the transaction by March 10, as planned. Aside from a variety of legal hoops to jump through, and costs that would be incurred as a result of breaking the agreement in place with the Ryan group, stakeholders informed the board that they would not vote to approve the Thirion offer, which is the final step in the process of a sale. That ultimately ended any possibility of the Thirion group's bid going through.

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