Posted 8/9/2010 10:02 am
Updated 1 year ago
Simmons Foods Inc.'s pet food affiliate said Monday that it is buying Menu Foods Limited in a $239 million deal.
Siloam Springs-based Simmons is buying the publicly traded Canadian company for a 65.5 percent premium over Menu Foods' March 15 closing stock price of $2.90 per share. That was the last trading day before the company announced it would undertake a strategic review process.
The deal remains subject to shareholder and regulatory approval. It is set to close on the fourth quarter, the companies said.
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