Penford Stockholders Approve Merger Agreement with Ingredion

02 Feb 2015 --- Penford Corporation, a leader in ingredient systems for food and industrial markets, has announced that its shareholders voted to approve the previously announced Agreement and Plan of Merger with Ingredion Incorporated and Prospect Sub, Inc., a wholly owned subsidiary of Ingredion, under which Ingredion will acquire all of the outstanding shares of Penford for $19.00 in cash per share.

The transaction has been approved by the Boards of Directors of both companies and is valued at approximately $340 million in the aggregate. Of the Penford shares voted at the special shareholders meeting held earlier today, more than 99% were voted in favor of the merger.

The transaction closing remains subject to regulatory approvals (including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976) and other customary closing conditions. Upon completion of the transaction, Penford Corporation will become a wholly-owned subsidiary of Ingredion Incorporated.

Penford Corporation develops, manufactures and markets specialty ingredient systems for a variety of food and industrial products. Penford operates six manufacturing facilities and three research and development centers in the United States.