=Enzymotec (ENZY) to be acquired by Frutarom

MIGDAL HA’EMEQ, Israel, Oct. 29, 2017 (GLOBE NEWSWIRE) -- Enzymotec Ltd. (Nasdaq:ENZY), a developer, manufacturer and marketer of innovative bio-active lipid ingredients and nutritional products, today announced that it has signed a definitive agreement under which Frutarom, an Israeli company (LSE:FRUT) (TASE:FRUT), will acquire Enzymotec for $11.90 per share in cash.  The transaction will be completed by way of a merger under the Israeli Companies Law.

The transaction has received unanimous approval by Enzymotec’s Board of Directors and implies an equity value of approximately $290 million.  The offer of $11.90 per share in cash represents a premium of 39.8% percent over the price of Enzymotec’s ordinary shares on the Nasdaq Stock Market on July 31, 2017, the date on which Frutarom first disclosed an ownership position in Enzymotec.  A shareholder meeting to approve the transaction is expected to be held in December 2017. Assuming typical timeframes, Enzymotec currently anticipates the transaction will close in the first quarter of 2018.

 “We are pleased that we have reached an amicable agreement with Frutarom in a manner that benefits our shareholders,” said Steve Dubin, Chairman of Enzymotec. “We believe that our customers will also benefit from the merger through Frutarom’s global presence and our employees will have the opportunity to thrive under Frutarom’s leadership as one of the world’s top companies in its field.”

The proposed transaction is subject to approval by the shareholders of Enzymotec and fulfillment of certain other customary conditions to closing.  Enzymotec has agreed to nominate three nominees selected by Frutarom for election to its board of directors at the upcoming shareholder meeting in addition to one nominee selected by Enzymotec.

Meitar Liquornik Geva Leshem Tal and White & Case LLP are acting as legal counsel.  Rothschild is acting as financial advisor to Enzymotec.