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J.M. Smucker to buy Twinkie maker Hostess for $5.6 billion [View all]
J.M. Smucker to buy Twinkie maker Hostess for $5.6 billion
The cash and stock deal joining two prominent food brands values Hostess at $34.25 per share.
By Aaron Gregg
September 11, 2023 at 9:07 a.m. EDT
Hostess Brands Twinkies and Cupcakes are displayed in a store in New York City in this 2016 image. REUTERS/Brendan McDermid (Brendan McDermid/Reuters)
J.M. Smucker will acquire Twinkie maker Hostess Brands for $5.6 billion, the companies announced Monday.
The deal values Hostess at $34.25 per share, which the company said represented a 54 percent premium over its stock price before to news reports of a potential deal. Hostess shareholders will get $30 in cash and 0.03002 shares of J.M. Smucker stock for each share of Hostess stock.
With this acquisition, Smucker enhances its “ability to deliver brands consumers love,” J.M. Smucker board chair Mark Smucker said in a news release. It also combines Hostess’s “strong convenience store distribution and leading innovation pipeline” with our “strong commercial organization and consistent retail execution across channels to drive continued growth.”
Smucker is known for its signature jelly, Jif peanut butter and Carnation milk products.
This is a developing story and will be updated.
By Aaron Gregg
Aaron Gregg is a business reporter for the Washington Post. Twitter https://twitter.com/Post_AG
The cash and stock deal joining two prominent food brands values Hostess at $34.25 per share.
By Aaron Gregg
September 11, 2023 at 9:07 a.m. EDT
Hostess Brands Twinkies and Cupcakes are displayed in a store in New York City in this 2016 image. REUTERS/Brendan McDermid (Brendan McDermid/Reuters)
J.M. Smucker will acquire Twinkie maker Hostess Brands for $5.6 billion, the companies announced Monday.
The deal values Hostess at $34.25 per share, which the company said represented a 54 percent premium over its stock price before to news reports of a potential deal. Hostess shareholders will get $30 in cash and 0.03002 shares of J.M. Smucker stock for each share of Hostess stock.
With this acquisition, Smucker enhances its “ability to deliver brands consumers love,” J.M. Smucker board chair Mark Smucker said in a news release. It also combines Hostess’s “strong convenience store distribution and leading innovation pipeline” with our “strong commercial organization and consistent retail execution across channels to drive continued growth.”
Smucker is known for its signature jelly, Jif peanut butter and Carnation milk products.
This is a developing story and will be updated.
By Aaron Gregg
Aaron Gregg is a business reporter for the Washington Post. Twitter https://twitter.com/Post_AG
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