Under the so-called reverse merger procedure, Ward Foods will...

Under the so-called reverse merger procedure, Ward Foods will absorb a yet to be formed subsidiary of Terson Co. for a consideration of $13 for each Ward share and then will be merged into Terson.

Ward Foods is a diversified food company with interests in candy, chocolate and dessert products, specialty meats, snack and bakery products, seafood and agribusiness.

Terson has received a loan commitment from Citicorp Industrial Credit Inc. for funding of the transaction. Ward spokesman said the complicated procedure is designed to ensure the existence of Ward Foods as a corporation even after the merger.