OurPet’s Co., a proprietary pet supply company, is merging with wholly owned subsidiaries of Hyper Pet LLC, a pet hardgoods and treats company located in Wichita, KS.
Hyper Pet has agreed to acquire all of the shares of OurPet’s common stock outstanding immediately prior to the effective time of the merger for $1 per share. The purchase price represents a premium of 53.8 percent over the closing per share price of the stock on Dec. 18, 2018.
Dr. Steven Tsengas, president and CEO of OurPet’s, said, “This merger validates the Company’s deep intellectual property portfolio, established brand equity, and diverse customer base. In partnering with Hyper Pet, we maintain our dedication to developing and marketing high quality, innovative products for improving the health, safety, comfort and enjoyment of pets.”
Tim Blurton, CEO of Hyper Pet, said, “We are very excited about the potential of bringing together these two great companies. Both have a history and reputation for bringing a broad range of innovative products to market to help families enjoy their pets. Adding the strength of OurPet’s in the cat category to the historic strength of Hyper Pet in the dog category will now enable us to provide a comprehensive range of products to all pet owners.”
The deal is structured as a merger of the company with a newly formed subsidiary of Hyper Pet. OurPet’s will become a wholly owned subsidiary of Hyper Pet.