Niman Ranch headed into merger
Alameda-based Niman Ranch is headed into a merger, the result of ongoing financial difficulties, the San Francisco Business Times’ Sarah Duxbury reports.
The natural meat company will merge with its largest investor, Natural Food Holdings of Chicago, if the deal is approved by investors, Duxbury reports. If not, the company won’t have the money to continue past January, its CEO wrote in a letter to shareholders.
The company, which was estimated to be worth $100 million in July 2006, is going for $22 million, the paper reports. It plans to remain in Alameda, it reports, ad the Niman name is slated to continue.
The company has defaulted on loans and owes vendors money and sales are down, according to a letter from its CEO to shareholders.
A merger vote was slated to take place on Wednesday.