Enzymotec Ltd. announced that it has signed a definitive agreement under which Frutarom, an Israeli company will acquire Enzymotec for $11.90 per share in cash. The transaction will be completed by way of a merger under the Israeli Companies Law. The transaction has received unanimous approval by Enzymotec's Board of Directors and implies an equity value of approximately $290 million. The offer of $11.90 per share in cash represents a premium of 39.8% over the price of Enzymotec's ordinary shares on the Nasdaq Stock Market on July 31, 2017, the date on which Frutarom first disclosed an ownership position in Enzymotec. A shareholder meeting to approve the transaction is expected to be held in December 2017. Assuming typical timeframes, Enzymotec currently anticipates the transaction will close in the first quarter of 2018.