Merrill Lynch & Co. and First Union Securities, Inc. will lead manage the offering. PFG expects to grant to the underwriters an over-allotment option to purchase up to an additional 690,000 shares of common stock and up to an additional $18.75 million of convertible subordinated notes.
Separately, a Georgia Department of Agriculture test, which indicated contamination in a random sample of Fresh Express' bagged salad, has been proven incorrect. The state's agriculture department says follow-up tests could not confirm the presence of contamination in the Fresh Express product. As a result, the company's voluntary recall of the product has been cancelled.