You have recently been hired by Bugs Botanicals Inc. as the Manager of Financial Reporting.…

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You have recently been hired by Bugs Botanicals Inc. as the Manager of Financial Reporting. BugsBotanicalsInc (BBI)is known for its very popular flower arrangements that are genetically enhanced to produce colors that aren’t seen anywhere else in the world. The flowers are primarily grown on farms and greenhouses owned by BBI near Muskoka, Ontario. BBI was originally started by a family of two sisters who wanted to disrupt the traditional flower market. The original shareholders still own 45% of the outstanding andissuedsharesofBBI.
Today is July 16, 2021. The CFO of BBI, Tweet E. Bird, just stopped by your office to give you a special assignment under the codename Project Jam. The tweet has advised you the assignment is confidential and should not be discussed with anyone, including other employees of BBI. The tweet is expecting you to rely on research in order to assist in responding to her request. Ifshehastime, she might be able to respond to a question on the confidential discussion board she set up for ProjectJam.
BBI is considering making an offer to acquire a successful garden and greenhouse operation located in Saskatchewan, Daffy’s Green Thumb (DGT). DGT is a local expert and is quickly gaining global recognition from floriculturists. In particular, DGT has developed highly coveted growing and preservation methods that allow for harvested flowers to live for an exceptionally long time. This process is a closely guarded secret and significant valued river for the company.
DGT is a Canadian Controlled Private Corporation (CCPC) for Canadian tax purposes. DGT’s products are predominantly sold in the Midwest of Canada and the United States.
BBI’s Board of Directors considers the products of both companies to be of high quality and expects them to sell in complementary markets. The acquisition is expected to result in immediate growth for and permit both companies to offer each other’s products in their local markets. Additionally, the unique preservation methods of DGT would allow for BBI to sell their products to regions not otherwise possible using their current approach. The company has discussed a significant marketing campaign that it expects will resulting ‘game-changing revenue increases just in time for next Valentinesday.

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