Miami-based Interfoods of America (IoA) has completed its merger with Interfoods Acquisition Corp (IAC).
IAC, which was wholly owned by IoA’s CEO and president, Robert S. Berg and Steven M. Wemple, respectively, has been subsumed by IoA. The merger was approved by IoA shareholders at a special meeting held late last week.
Each share of IoA common stock outstanding immediately prior to the merger (other than shares held by Berg and Wemple, IAC and stockholders of the company who exercise their dissenters’ rights under Nevada law) has been converted into the right to receive unsecured, subordinated debentures in the principal amount of US$1.45.
As a result of the merger, the company’s common stock will no longer be publicly traded.