Upon shareholder approval of the merger agreement and subject to the completion or waiver of the other conditions of the merger, GTG Foods Inc. will be merged with and into Kahiki Foods, with Kahiki Foods continuing as the surviving corporation. Pursuant to the terms of the merger agreement, upon consummation of the merger, each outstanding preferred share will be converted into the right to receive $3.288 in cash, and each outstanding common share will be converted into the right to receive $2.163 in cash.
Upon completion of the merger, Kahiki Foods will continue its operations as a privately held company, with manufacturing operations remaining in Gahanna, Ohio. Alan Hoover, president & CEO of Kahiki Foods, stated, "This merger is a consummation of mutual values, culture, and strategic vision -- the building blocks of a world-class business. ABARTA brings to us financial strength, operational excellence, and competitive muscle. We will continue to provide our customers with innovative, restaurant-quality Asian frozen foods."