Sylvan Inc. Announces Agreement to Be Acquired
16 November 2003 - 7:19PM
PR Newswire (US)
Sylvan Inc. Announces Agreement to Be Acquired SAXONBURG, Pa., Nov.
16 /PRNewswire-FirstCall/ -- Sylvan Inc. announced today that it
has entered into a definitive agreement with Snyder Associated
Companies, Inc. of Kittanning, Pennsylvania, which will result in a
merger between Sylvan and a Snyder affiliate. The value of the
transaction, including the assumption of debt, is estimated to
exceed $95 million. Under the terms of the agreement, each
shareholder of Sylvan is expected to receive $12.25 per share in
cash. Dennis C. Zensen, Sylvan's Chairman and CEO, and certain
other members of management are expected to have an equity stake in
the new company after the transaction. The Sylvan board of
directors, upon the unanimous recommendation of its special
committee of independent directors, has approved the merger and the
agreement. Lane, Berry & Co. International and Morgan Joseph
& Co. Inc. acted as financial advisors to the special committee
and each of them rendered a fairness opinion with respect to the
merger. The merger is subject to certain conditions including the
approval by a majority of the shareholders of Sylvan and approval
from certain regulatory authorities. The company expects to be able
to convene a meeting of its shareholders for that purpose in the
first quarter of 2004 and, if approved by Sylvan's shareholders,
the transaction is expected to be completed shortly thereafter. The
company also postponed its annual meeting to December 29, 2003.
Snyder Associated Companies, Inc. is a privately held company
involved in the production of oil, natural gas, mineral aggregates
and fresh mushrooms, the mining of coal and limestone and the
manufacture of cement and concrete products, among other
businesses. Sylvan Inc., with 2002 revenues of $88.2 million, is a
leader in fungal technology and a preeminent worldwide producer and
distributor of products for the mushroom industry. It specializes
in spawn (the equivalent of seed for mushrooms) and other
spawn-related products and services, and is a major grower of fresh
mushrooms in the United States. DATASOURCE: Sylvan Inc. CONTACT:
Don Smith of Sylvan Inc., +1-724-352-7520 Web site:
http://www.sylvaninc.com/
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