TurboChef, Middleby merger on track to close Jan. 5

By Lisa Kerner

Charlotte, N.C., Dec. 31 - TurboChef Technologies, Inc. and Middleby Corp. said they expect their proposed merger to close on Jan. 5 after TurboChef shareholders approved the transaction at a special meeting on Dec. 31.

According to TurboChef, shares voted represented 72% of the total outstanding shares, 99.5% of which voted in favor of the merger.

In August, Middleby agreed to acquire TurboChef in a cash-and-stock transaction valued at about $200 million, or $6.47 per share.

The companies' definitive merger agreement gives TurboChef shareholders a combination of $3.67 in cash and 0.0486 Middleby common shares per TurboChef share, it was previously reported.

Middleby, based in Elgin, Ill., manufactures and sells commercial food-service and food-processing equipment.

TurboChef specializes in commercial speed cook ovens. The company is located in Atlanta.

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