Hain Celestial Closes Merger With Spectrum Organic Products
The Spectrum merger will increase the amount of Hain Celestial shares outstanding by approximately 924,459 shares.
19/12/05 Expansion of Company's Offerings in Natural and Organic Oils, Vinegars, CondimentsThe Hain Celestial Group, Inc. has completed its merger with Spectrum Organic Products, Inc. Under the terms of the merger, Spectrum shareholders will receive $0.7035 per share, after deducting for excess company expenses, consisting of $0.3485 per share in cash and $0.355 per share in Hain Celestial shares, which is based on valuing the Hain shares at $19.80 per share, as provided in the merger agreement.
The Spectrum merger will increase the amount of Hain Celestial shares outstanding by approximately 924,459 shares. Spectrum is a leading manufacturer and marketer of natural and organic culinary oils, vinegars, condiments and butter substitutes under the Spectrum Naturals brand and essential fatty acid nutritional supplements under the Spectrum Essentials brand, sold mainly through natural food retailers.
"Spectrum strengthens our position in the natural and organic sector with the addition of Spectrum Naturals and Spectrum Essentials, as healthy oils are featured in the new food pyramid and USDA Dietary Guidelines" said Irwin D. Simon, President and Chief Executive Officer of Hain Celestial. "We look forward to integrating Spectrum into our portfolio of brands in the Grocery and Snacks area of our business and expanding their product offerings with broader distribution."
