MVC Capital Corp. (MVC) Announces Sale of Vitality Foods
Symbols: MVC
Posted in: Long Ideas, News, Small Cap Analysis, Contracts, M&A, Intraday Update, Markets, Movers, Trading Ideas
MVC Capital Corporation (NYSE: MVC) announced the sale of one of their portfolio companies earlier today.
MVC stated Vitality Foods will be sold to Nestle for an undisclosed amount. The sale should close shortly pending some regulatory issues.
"…at the time the definitive offer was received, the value was in excess of our then reflected carrying value for Vitality,” said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital. “The Valuation Committee has since increased the carrying value to reflect anticipated proceeds from the transaction."
The original investment in Vitality by MVC was $15M in 2004.
MVC was up 1.2% to $9.70/share today on 1.8x normal volume.
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