USA: Pyramid Breweries to be acquired by Magic Hat Brewing Co. for $2.75 per share

Pyramid Breweries Inc. and Magic Hat Brewing Co. said the two companies have signed a letter of intent for Magic Hat to acquire Pyramid through an all-cash tender offer, Thomson Financial reported April 29.

Magic Hat will pay $2.75 for each Pyramid share. The offer represents a 56% premium over Monday's closing price of $1.76 for shares of Pyramid, a Seattle-based beer brewer.

The closing of the proposed transaction is anticipated to occur no later than August 31.

Pyramid shares were halted in premarket trading.

30 April, 2008