The agreement calls for a tax-free exchange in which Alcide shareholders will receive $21 a share to be paid in Ecolab shares based on a formula of Ecolab’s closing price prior to the effective date of the merger.
Alcide had 2.7 million shares outstanding on Nov. 30, 2003, company executives said.
At press time, the agreement was approved by both boards, subject to the approval of Alcide’s shareholders and other customary closing conditions, including regulatory approvals.
“Alcide offers Ecolab proven and valuable technology that will provide a great addition to our product offerings to our food and beverage customers,” said Allan L. Schuman, Ecolab’s chairman and chief executive officer. “With their worldwide patents and Ecolab’s excellent global coverage, we are in a unique position to aggressively expedite the commercialization of Alcide’s technology and grow their business in a more rapid fashion.”