A subsidiary of investment vehicle MW1 has extended its tender offer for US dairy firm Galaxy Nutritional Foods in a bid to complete the SEC review process.
Last month, Galaxy Partners, which owns 51.1% of Galaxy Nutritional, and private equity group Mill Road, agreed to contribute their combined 53% stake in the business to MW1.
The vehicle, through Andromeda Acquisition, a wholly-owned subsidiary, then launched a cash tender offer to buy the remaining shares in Galaxy Nutritional with a bid worth US$0.36 a share.
The tender was set to expire at 5:00 pm (ET) yesterday (30 March). However, it has now been extended for another 14 days to 13 April.
The extension of the tender offer will also permit the acceptance of late tenders, Andromeda said.
Based upon a preliminary tally by Continental Stock Transfer & Trust Company, the depositary for the tender offer, approximately 8.8m shares had been validly tendered by close yesterday.
Combined with the shares already owned, the shares total approximately 86% of the company’s outstanding common stock.