Middleby (MIDD) Acquires TurboChef (OVEN) for $6.47/Sh In Cash and Stock
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The Middleby Corporation (NASDAQ: MIDD) executed a definitive agreement to acquire TurboChef Technologies, Inc. (NASDAQ: OVEN), in a cash and stock transaction valued at approximately $200 million, including TurboChef net cash of approximately $5 million as of June 30, 2008.
Under the terms of the Merger Agreement, which has been approved by the Board of Directors of both companies, holders of TurboChef’s common shares will receive a combination of $3.67 in cash and 0.0486 Middleby shares of common stock per TurboChef share. The implied value per TurboChef share is $6.47 based on the closing price of Middleby’s common stock as of August 11, 2008.
Shares of OVEN closed at $5.60 per share yesterday.
Under the terms of the Merger Agreement, which has been approved by the Board of Directors of both companies, holders of TurboChef’s common shares will receive a combination of $3.67 in cash and 0.0486 Middleby shares of common stock per TurboChef share. The implied value per TurboChef share is $6.47 based on the closing price of Middleby’s common stock as of August 11, 2008.
Shares of OVEN closed at $5.60 per share yesterday.
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