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TurboChef acquired by Middleby in cash-and-stock transaction
By Lisa Kerner
Charlotte, N.C., Jan. 5 - The merger of TurboChef Technologies, Inc. and Middleby Corp. closed as expected on Monday.
Under the companies' definitive merger agreement, TurboChef shareholders will receive $3.67 in cash and 0.0486 Middleby common shares per TurboChef share.
Middleby said it financed the transaction under its senior revolving credit facility.
In August, Middleby agreed to acquire TurboChef for about $200 million, or $6.47 per share.
As previously reported, TurboChef shareholders approved the transaction at a special meeting on Dec. 31.
Middleby, based in Elgin, Ill., manufactures and sells commercial food-service and food-processing equipment.
TurboChef specializes in commercial speed cook ovens. The company is located in Atlanta.
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