Printer Friendly

BAHN FOODS TO ACQUIRE MAJOR PET FOOD MANUFACTURER

 VANCOUVER, British Columbia, Dec. 15 /PRNewswire/ -- Bahn Foods Inc. (Vancouver: BHN) of Vancouver today annnounced it has signed a letter of intent for the acquisition of a major Canadian pet food manufacturer and marketer which currently has in excess of $30 million a year in sales. The company has been in business for more than 40 years. The acquisition is subject to regulatory and shareholder approval as well as Bahn Foods entering into a definitive purchase agreement with the vendor.
 Bahn Foods, in conjunction with the CIBC Mergers and Acquisition Group, will complete its due diligence within 60 days with final agreements to be signed within 90 days. The name of the company to be acquired will be withheld until a final agreement has been entered into.
 Upon completion of the acquisition, Bahn's sales will be approximately $35 million in 1993. This does not take into account sales growth which is expected in Bahn's Far East market as well as expansion in the Canadian and United States markets.
 Bahn is acquiring a state of the art facility that has the capacity to produce in excess of $100 million per year in product.
 The terms contained in the letter of intent are as follows:
 1. Cash or equivalents on closing totalling $16 million, the majority of which is to be provided by Bahn's Far East licensee.
 2. 10 million common shares of Bahn Foods Inc. The disposition of these shares is to be jointly controlled by the vendor and Bahn management over a five-year period.
 The vendor will be allowed to appoint two members to the board of directors of Bahn Foods Inc. While this is a significant transaction, it does not represent a reverse takeover of Bahn Foods.
 All operational management of the acquired business will be retained.
 This acquisition will qualify Bahn Foods to list its shares for trading on senior North American exchanges.
 The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
 -0- 12/15/92
 /CONTACT: Ken Galpin of Bahn Foods, 604-439-3320; or Grant Howard of STRATCOM, 403-221-0915/
 (BHN.)


CO: Bahn Foods Inc. ST: British Columbia IN: FOD SU: TNM

LS -- LA032 -- 7445 12/15/92 17:38 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 15, 1992
Words:373
Previous Article:HISTORY IN THE MAKING -- TROY FORD SELECTED AS FIRST U.S. DEALER TO SERVICE FORD ECOSTAR
Next Article:BAHN FOODS GRANTED LICENSE TO IMPORT PET PRODUCTS INTO CHINA
Topics:


Related Articles
QUAKER OATS ANNOUNCES PLANS FOR DALGETY TO ACQUIRE QUAKER'S EUROPEAN PET FOODS BUSINESS
HEINZ TO ACQUIRE QUAKER PET FOOD BUSINESS IN U.S. AND CANADA
HEINZ TO EXPAND ITS PET PRODUCTS BUSINESS WITH ACQUISITION OF NATURE'S RECIPE PET FOOD
HEINZ COMPANY TO ACQUIRE LEADING CANADIAN PET FOOD COMPANY
Heinz Expands Its Presence in Southern Africa, Becomes South Africa's Leading Pet Food Company, And Acquires Reckitt & Colman's Major Food Brands in...
Food pets die for.
Doane Pet Care Takes Another Major Step to be the Leading Global Provider of Private Label Pet Food.
Doane Pet Care Company Sells Wet Pet Food Business.
`Mad Pet Disease': Is the US Next?

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters