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GTCR's Sterigenics to buy Food Technology for USD7.23 p/s
Friday 06 December 2013

6 December 2013 – US sterilisation services provider Sterigenics International LLC, a portfolio company of private equity firm GTCR LLC, has sealed a deal to acquire peer Food Technology Service Inc (NASDAQ:VIFL) for USD7.23 (EUR5.29) per share in cash, the target said today.

The agreed consideration is a premium of 28.4% over Food Technology Service's closing stock price on 5 December. According to the company's board chairman John Sinnott, the deal appropriately recognises the value of the business.

The board has decided to recommend the transaction to the company's stockholders for approval. The scheme needs to be accepted by a majority of Food Technology Service's investors and to receive certain regulatory nods. The firm's CEO Richard Hunter and Fort Ashford Holdings LLC, together holding a stake of around 30%, have already agreed to vote in favour of the deal.

Craig-Hallum Capital Group LLC, Olshan Frome Wolosky LLP and Burr & Forman LLP are advising the target and its special committee, while Holland & Knight LLP is consulting Sterigenics.
Date Published: 06/12/2013
Target: Food Technology Service Inc
Country: USA
Sector: Business and Consumer Services
Type: Corporate acquisition, LBO
Status: Agreed
Vendor: Richard Hunter, Fort Ashford Holdings LLC
Buyer: GTCR LLC, Sterigenics International LLC
Buyer Advisor: Holland & Knight LLP
The bidder is offering USD7.23 per share.