Volume Spike Investor

We are seeing a huge volume spike on interest in TurboChef Technologies Inc. (NASDAQ: OVEN) pre-market.

The company has found the ultimate exit, although not one which will be a huge reward to all shareholders who have been holding the stock.  Middleby Corp. (NASDAQ: MIDD) has announced a definitive merger agreement to acquire TurboChef in a cash and stock merger valued at $6.47 per share before dilution.

The breakdown is $3.67 cash and 0.0486 MIDD shares. Shares are indicated up 10% at $6.05 this morning with more than 200,000 shares trading hands by 9:10 AM EST.  Its average daily volume is 235,000 shares.

Interestingly enough, this one may have a difficult time getting approved by certain shareholders.  The 52-week trading range is $3.80 to $17.07 before the bottom fell out of the oven in 2008.  It is very possible that shareholders will revolt on this deal despite the factthat the company has faced many internal issues and is facing a much tighter residential market now.

JON OGG

August 12, 2008