South Korean food group Pulmuone Holdings Co. looks set to buy Monterey Gourmet Foods, the US pasta-to-cheese group has revealed.
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Monterey said yesterday (8 October) that it had accepted an offer from Pulmuone USA worth US$45.8m.
The $2.70-a-share offer will start on 9 November when Pulmuone USA will look to buy all the outstanding shares in Monterey. Pulmuone USA will then take up any remaining Monterey stock through a merger.
Monterey said its board had accepted Pulmuone’s offer but the South Korean group has agreed to a “go-shop” provision that will give the US firm until 7 November to solicit other bids.
Pulmuone already has a presence in the US through its 2004 acquisition of Wildwood Natural Foods, a manufacturer of soy foods including tofu, tofu veggie burgers and soy yogurt.
