Penford To Be Acquired By Ingredion For $19.00/shr Cash - Quick Facts

(RTTNews) - Penford Corporation (PENX), a maker of specialty ingredient systems for food and industrial products Wednesday said it has agreed to be acquired by Ingredion Inc. (INGR), an ingredients solutions provider for $19 per share in cash. The transaction, valued at nearly $340 million, is expected to close as early as the end of the year. Commenting on the deal, Thomas Malkoski, CEO of Penford said: "Ingredion is a recognized innovator in food ingredients and sustainable green solutions. The expanded portfolio and geographic reach of the combined companies should enable new and exciting solutions for their customers and ours." EACOR Holdings Inc., which holds about 9.34 percent of Penford's outstanding common stock has approved the transaction. Deutsche Bank is acting as financial advisor to Penford and Perkins Coie LLP is acting as legal advisor.