Yes, efficiencies even exist among pet food companies. The latest example took place just before Christmas as Fairport Harbor, Ohio-based OurPet’s Company (OTC:OPCO) signed a definitive merger agreement with wholly-owned subsidiaries of Wichita-based Hyper Pet LLC, a leading pet hardgoods and treats company.
Under the agreement, Hyper Pet will acquire all of the shares of OurPet’s common stock outstanding immediately prior to the effective time of the merger for $1.00 per share. The purchase price represents a premium of approximately 53.8% over the closing per share price of the Common Stock as of Tuesday, Dec. 18.
OurPet’s CEO Steven Tsengas, commented, "This merger validates the Company’s deep intellectual property portfolio, established brand equity, and diverse customer base. In partnering with Hyper Pet, we maintain our dedication to developing and marketing high quality, innovative products for improving the health, safety, comfort and enjoyment of pets."
The transaction is structured as a merger of the Company with a newly-formed subsidiary of Hyper Pet, as a result of which the Company will become a wholly-owned subsidiary of Hyper Pet.
OurPet’s shares climbed 24 cents, or 36.9%, to 89 cents on 267,000 shares.
