TurboChef and Middleby to Merge
2008-08-25
TurboChef Technologies, Inc. (NASDAQ-GM: OVEN) and The Middleby Corporation (NASDAQ: MIDD) announced last week they have entered into an agreement of merger.
In the proposed transaction, holders of common stock of the company will receive $3.67 cash per share and .0486 shares of Middleby common stock. Based on closing prices as of August 11, the consideration would equate to $6.47 per share, a premium of 30.3 percent to TurboChef's 20-day trading average price.
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Source - QSR Magazine
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