Magic Hat plans to purchase Pyramid

According to the Seattle PI Intelligencer, Seattle-based brewery, Pyramid Breweries, Inc. has agreed to be acquired by Magic Hat Brewing Company & Performance Arts Center Inc. of Burlington, Vermont. Magic Hat is currently run by CEO R. Martin Kelly, former chief executive of Pyramid until 2004. The move will put Pyramid, a publicly owned company, under the umbrella of a privately owned company. According to the PI Intelligencer, the deal is valued at around $25.2 million, based on 9.2 million shares outstanding as of March 10, and is expected to be completed by the end of August pending a review of Pyramid's business and legal affairs by Magic Hat and regulatory approval. Magic Hat, known for quirky and innovative beers like the #9 apricot ale, the highly sought after Chaotic Chemistry bourbon cask-aged barley wine, and the organic Orlio series.
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Seattle Times

Seattle PI Intelligencer