Middleby Expand With TurboChef Acquisition

August 2008 | M&A News Alert

Food service equipment firm Middleby said on August 12 that it had agreed to buy TurboChef Technologies for US$196mn in stock and cash. Based on closing prices as of August 11, the consideration would equate to US$6.47 per share, a premium of 30.3% percent to TurboChef's 20-day trading average price. Jonathan Monk, a U.S.-stock fund manager at Aerion Fund Management in London, which oversees about $23 billion, told CFW that 'I have met Turbochef, they do have some great products and are a good brand name'.

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