Golden Enterprises, Inc. (the “Company”) and Utz Quality Foods, Inc. of Hanover, PA (“Utz”) announced that they entered into a definitive merger agreement on July 18, 2016, pursuant to which Utz will acquire the Company and Company stockholders will receive $12.00 per share in cash.
“After conducting a review of strategic alternatives by a Special Committee consisting of independent members of the Company’s Board of Directors, we believe that this is an excellent transaction for our stockholders, our customers and our employees,” said Mark McCutcheon, Chief Executive Officer of the Company. “This merger will allow the Golden Flake brand to continue to grow in our core southeastern markets, while expanding the product selections for our consumers. Utz is a very community oriented company and we look forward to the future that Utz and Golden Flake will create together.”