Hormel + Provena = $16 mill
Hormel Foods in Austin went shopping this morning and it picked up pepperoni maker Provena Foods Inc. for $16.8 million.
Here's some from Provena's press release:
Provena Foods Inc. on Wednesday said it entered into a definitive merger agreement with Hormel Foods Corp., pursuant to which Hormel Foods will acquire Provena Foods Inc., in a transaction having an enterprise value of approximately $16.8 million, which includes net assumed debt for borrowed money of approximately $6.2 million, and a price per share of Hormel Foods common stock of $37.50. As per the terms of the transaction, Provena's common stock will be cancelled and converted into the right to receive 0.08 shares of Hormel Foods common stock.
The company noted that the transaction has been approved by the board of directors, and that the transaction is expected to be completed by the end of 2006.