Enzymotec: Merger Deal between Enzymotec and Frutarom Approved by 99.9% Majority of Enzymotec Shareholders

HERZLIYA, Israel, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Frutarom Industries Ltd. ("Frutarom"), one of the world's 10 largest companies in the field of flavors and natural specialty fine ingredients, reports that the shareholders of Enzymotec Ltd., a public Israeli company whose shares are traded on NASDAQ (under the symbol ENZY) ("Enzymotec"), approved today by large majority the merger transaction between Frutarom and Enzymotec.The transaction was approved at Enzymotec's General Meeting which convened on December 11, 2017 by 99.9% majority of shareholders present at the meeting and entitled to vote.Following approval by Enzymotec's General Meeting, completion of the merger transaction is expected within 30 days from today, following which Enzymotec will be delisted from trading on NASDAQ and become a fully-owned subsidiary of Frutarom.In exchange for acquiring full ownership of Enzymotec, Frutarom will pay approximately US$210 million net of cash, deposits and securities in Enzymotec's treasury (including the cost of redeeming options and RSUs plus projected transaction costs). The merger transaction as approved shall be carried out at a price of US$11.9 per share of Enzymotec which will be paid to its shareholders upon completion of the transaction.Frutarom is preparing for fully integrating Enzymotec's activity with its Natural Specialty Fine Ingredients Division while rapidly capitalizing to the maximum on the many existing synergies between Frutarom and Enzymotec in order to bring about an acceleration of growth, improvement in cost structure and significant improvement in profitability for Enzymotec's activity.Mr. Ori Yehudai, President and CEO of Frutarom Group, said today: "We are in the final stages of formulating a plan for the complete merging of all Enzymotec activities with Frutarom which will enable full rapid integration and the streamlining of the global activities of both companies in management, R&D, sales, marketing, production and the supply chain. In the framework of the merger and maximizing efficiencies, ...Full story available on Benzinga.com