Turkey-based food manufacturer Eti Gıda has struck a deal to acquire Canadian snacks group Trubar.
Eti Gida, which markets biscuits, cakes and confectionery, is to pay C$201m (US$143.1m) for the snack-bar business.
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Under the terms of the deal, Eti Gıda will pay C$1.64 per common share in cash, which Trubar said was a 64% premium to the company’s share price last Friday, the last trading day before the deal was announced.
Trubar said its board had “unanimously determined the transaction “is in the best interest of the company” and will recommends shareholders vote for the offer at a meeting in January.
Kingsley Ward, Trubar’s executive chairman, said: “This proposed acquisition represents a significant milestone for our company and delivers on our commitment to creating strong value for shareholders. Eti Gıda is an ideal acquirer for Trubar at this stage in the brand’s development given ETİ Gıda’s successful track record of scaling CPG brands over the last six decades.”
More to follow…
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