Heron Sub, Inc., subsidiary of Utz Quality Foods, completes offer for shares of Inventure Foods, Inc.
Utz Quality Foods, LLC (“Utz”), the largest privately-held and family-managed branded salty snack company in the United States, has announced that its wholly-owned subsidiary, Heron Sub, Inc. (“Purchaser”), successfully completed its tender offer for all the outstanding shares of common stock (“Shares”) of Inventure Foods, Inc. (NASDAQ: SNAK) (“Inventure Foods” or the “Company”) at a price of $4.00 per share, net to the seller in cash, without interest but subject to any required withholding taxes. Inventure Foods manufactures and sells salted snacks under the brands Boulder Canyon, TGI Fridays, Nathan's Famous, Vidalia Brands, Poore Brothers, Tato Skins and Bob's Texas Style.
As of the expiration of the tender offer at one minute after 11:59 p.m., New York City time, on December 13, 2017, the depositary for the tender offer advised Purchaser that 15,249,164 Shares were validly tendered and not withdrawn in the tender offer, representing approximately 77.0% of the currently outstanding Shares (not including 263,136 Shares delivered through Notices of Guaranteed Delivery, representing approximately 1.3% of the Shares outstanding). The minimum tender condition as well as all other conditions to the tender offer were satisfied. As a result, Purchaser has accepted for payment and will promptly pay for all validly tendered Shares.