Pulmuone USA to acquire Monterey Gourmet Foods
October 09, 2009
by Eric Schroeder
FULLERTON, CALIF. — Pulmuone U.S.A., Inc., a subsidiary of Seoul, South Korea-based Pulmuone Holdings Co., Ltd., reached agreement to acquire Monterey Gourmet Foods, Inc., Salinas, Calif., for $2.70 per share, or approximately $45.8 million.
The transaction is expected to be completed in two steps, first with a cash tender for the shares that will begin on or about Nov. 9 and expire on the 20th business day from and including the commencement date, followed by a merger in which any remaining shares of company common stock will be converted into the right to receive the same cash price per share paid in the tender offer.
In addition to Monterey Gourmet, which specializes in Italian pre-cooked frozen meals, Pulmuone USA also owns Pulmuone Wildwood, a producer of mainstream and ethnic fresh and natural foods that was integrated in 2005.