FTC approves Simmons takeover of Menu Foods Income Fund
Takeover deal approved by shareholders, expected to close in November
US Federal Trade Commission (FTC) approved the sale of Menu Foods Income Fund to Arkansas, USA-based competitor, Simmons Pet Food Inc.
The US$239 million takeover offer from Simmons was already approved by shareholders and is expected to close in November. Under the deal with Simmons, units of Menu Foods Income Fund will be redeemed for US$4.80 per unit in cash after the disposition of the fund's assets. The acquisition marks the end of Menu's struggle to recover from a tainted food scandal in 2007, when the company began its strategic review.