US seafood-to-honey firm Vita Food Products is to merge with an entity owned by the company’s largest shareholder.
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Vita, which sells a range of products including salmon, salsa and salad dressings, is to join up with a business owned by director Howard Bedford.
Each Vita share will be converted into the right to receive a cash payment of US$1.05 a share. Under the deal, any Vita executive that opts to keep shares will have to enter into a “stockholders agreement” with Bedford.
The transaction will be finalised in the coming weeks with Vita’s board open to solicit alternative deals, the company said on Friday (27 February).
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