CRANBURY, N.J.— One Rock Capital Partners has entered into an agreement with Innophos Holdings, Inc., to acquire the ingredient company for $32 per share. The transaction, which is expected to be completed in the first quarter of 2020, is valued at $932 million.
"We remain confident that our transformational strategy is the right path forward for Innophos; however, executing on this strategy in an increasingly volatile macroeconomic and complex financial environment as a small-cap public company remains challenging and could take longer than initially expected,” said Kim Ann Mink, chairman, president and chief executive officer at Innophos. “While we believe our long-term goals are achievable, we believe that the offer from One Rock is in the best interest of our stockholders as it will deliver immediate and certain value.”
Innophos will becomes a privately held company upon completion of the transaction, and shares of its common stock will no longer be listed on any public market.
The agreement includes a 30-day “go-shop” period, commencing immediately, during which Innophos will solicit alternative acquisition proposals.