Calavo Growers Inc. (NASDAQ:CVGW) shares jumped 12.93% in after-hours trading to $25.50 following the release of its results and the announcement of a merger agreement with California-based Mission Produce Inc. (NASDAQ:AVO).
Mission Produce Merger Terms
Calavo Growers entered a definitive merger agreement in which Mission Produce will acquire the company for $27 per share, based on Mission’s 30-trading-day volume-weighted average price ending Jan. 13.
The deal includes $14.85 in cash and 0.9790 shares of Mission for each Calavo share.
According to the company’s press release, once the deal closes, Mission Produce shareholders will hold about 80.3% of the combined company, while Calavo Growers shareholders will own roughly 19.7%.
The international food company anticipates …