Oct 31 (Reuters) - HNZ Group Inc.
* HNZ Group Inc. To be acquired by president and CEO don wall and Phi, Inc.
* HNZ Group Inc. - shareholders to receive cad$18.70 in cash per share
* HNZ Group Inc. - arrangement values HNZ at approximately CAD$242.4 million
* HNZ Group - CEO Don Wall, through a wholly-owned acquisition co, to acquire all of issued and outstanding common and variable voting shares of co
* Says arrangement has also been approved unanimously by board of directors of Phi
* HNZ Group-under deal, Phi to acquire from canadian purchaser part of Co's offshore business in New Zealand, Australia, Philippines, Papua New Guinea
* HNZ Group-termination fee of C$6.5 million payable to Phi & expense reimbursement fee of up to C$1 million payable to canadian purchaser in some circumstances
* HNZ Group Inc. - acquisition to occur by way of a statutory plan of arrangement Source text for Eikon: Further company coverage: (Bangalore.email@example.com)