Gorilla Foods OKs Takeover Proposal
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Gorilla Foods, an Ojai producer of wheat protein-based meat substitutes, has signed a letter of intent to be acquired by Wholesome and Hearty Foods Inc. of Portland, Ore.
Under the agreement, a group of executives headed by Michael Meek, president and chief executive of privately held Gorilla, is to receive Wholesome stock worth $3.8 million. The price will be sweetened if the merger goes well, Meek said.
In a separate transaction, Wholesome agreed to pay $350,000 in cash for Whole Foods Marketing, a distributor partly owned by Gorilla executives.
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