NEWS
Paul Hastings Advises TurboChef Technologies in its Agreement to Merge with The Middleby Corporation
August 13, 2008
Atlanta, GA (August 13, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that it represented TurboChef Technologies, Inc., a leading provider of equipment focused on the high-speed preparation of food products, in its acquisition by The Middleby Corporation, a food service equipment company. The transaction, which is expected to close in the fourth quarter of 2008, is valued at approximately $200 million.
Under the terms of the merger agreement, holders of common stock of TurboChef will receive $3.67 cash per share and .0486 shares of Middleby common stock. Based on the closing prices as of August 11, 2008, the consideration would equate to $6.47 per share, a premium of 30.3% to TurboChefs 20-day trading price. The acquisition is subject to the approval of TurboChefs stockholders, and regulatory approval and other customary closing conditions.
Atlanta partner Rey Pascual led the Paul Hastings team.
About TurboChef: TurboChef Technologies, Inc. is a leading provider of equipment, technology and services focused on the high-speed preparation of food products for the worldwide commercial primary cooking equipment market.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.
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Becca Hatton