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.
Vancouver-based 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.
Trubar directors and officers who hold a total of 16% of the company’s shares have agreed to back the offer.
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.”
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By GlobalDataEarlier this week, Trubar filed third-quarter results that included an 88% jump in revenue to C$21.6m amid better retail distribution and improved DTC sales. It is forecasting annual revenue of $65-70m.
The company booked income from continuing operations of C$190,000. In last year’s third quarter, it recorded C$4.1m.
Eti Gıda has nine factories – including one in Romania – and employs more 7,000 staff. The company distributes its products to over 60 markets.
