Middleby to Buy TurboChef Aug 13, 2008

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The Middleby Corp. said it will buy high-speed oven maker TurboChef Technologies Inc. for US$200 million in cash and stock. Middleby said the boards of both companies have approved the deal. Under the agreement, TurboChef stockholders will receive $3.67 in cash and 0.0486 Middleby shares for each TurboChef share they own.

Middleby plans to use its sales force to bring TurboChef's technology to more customers.

The deal is expected to close in the fourth quarter pending approval by TurboChef shareholders and regulators. Middleby said it will reduce costs through the reorganization of TurboChef's residential segment, along with decreased corporate spending.

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