Food Technology Service Inc (FTSI) announced that it entered into a definitive agreement for its acquisition by sterilization services provider Sterigenics International LLC. The merger agreement was dated December 5, 2013, according to MarketWatch.

Under the terms of the said agreement, FTSI shareholders will receive USD7.23 per share in cash. The said amount will be received upon completion of the transaction, the report said.

The merger is subject to the approval of a majority of shareholders of Food Technology Service Inc. The deal is also subject to regulatory approvals and other customary closing conditions, the report stated.

FTSI sought exclusive financial counsel from Craig-Hallum Capital Group LLC on the transaction. The latter provided a fairness opinion to FTSI's Board of Directors and the Special Committee. Olshan Frome Wolosky LLP is providing counsel for the Special Committee. Burr & Forman LLP is FTSI's legal counsel, the report detailed.

Meanwhile, Sterigenics sought counsel from Holland & Knight LLP on the said deal, MarketWatch reported.