Kahiki Foods, the US producer of frozen Asian specialty foods, has entered into a merger agreement with Delaware-based Delabarta and its Ohio subsidiary GTG Foods.
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Under the terms of the deal, GTG Foods will be merged with and into Kahiki Foods, with Kahiki Foods continuing as the surviving corporation.
Kahiki said upon completion of the deal, each outstanding preferred share will be converted into the right to receive $3.288 in cash, and each outstanding common share will be converted into the right to receive $2.163 in cash.
Shareholders owning 55.6% of Kahiki Foods’ voting power have already agreed to approve the merger. A special meeting of shareholders will be held on 22 June to consider and vote on the deal.
Delabarta is part of the Pennsylvania-based privately-owned holding company Abarta, which owns businesses operating in the soft drink, newspaper publishing, and oil and gas exploration and development sectors.
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By GlobalDataAlan Hoover, president and CEO of Kahiki Foods, said: “This merger is a consummation of mutual values, culture, and strategic vision – the building blocks of a world-class business. Abarta brings to us financial strength, operational excellence, and competitive muscle. We will continue to provide our customers with innovative, restaurant-quality Asian frozen foods.”
