Welcome to SJGLE.com! |Register for free|log in
Welcome to SJGLE.com! |Register for free|log in
Related Searches: Tea Vitamin Nutrients Ingredients paper cup packing
Conagra Brands has agreed to acquire New Jersey-based Pinnacle Foods for about $10.9bn to expand its presence and capabilities in categories, including frozen foods and snacks.
The deal includes assumption of Pinnacle Foods outstanding net debt of about $2.8bn.
As per the terms of the transaction, Conagra Brands will pay $43.11 per share in cash and issue 0.6494 shares of its common stock to shareholders of Pinnacle Foods in exchange of each share they own in Pinnacle Foods.
Pinnacle Foods CEO Mark Clouse said: "Todays transaction provides Pinnacle Foods shareholders with substantial and immediate value, as well as the opportunity to participate in the significant upside potential of the combined company.
"Because of our employees incredible work, Pinnacles total shareholder return is approximately 275 percent since our IPO, and today marks an important milestone in the companys journey. The portfolios and capabilities of both enterprises are impressive and complementary.”
Conagra Brands believes that the acquisition will improve its multi-year transformation plan and grow its reach and capabilities in most of its strategic categories such as frozen foods and snacks.
Pinnacle Foods, which has annual net sales of more than $3bn, owns a portfolio of frozen, refrigerated and shelf-stable products that includes Birds Eye, Duncan Hines, Earth Balance, EVOL, Hawaiian Kettle Style Potato Chips, Erins, Gardein, Glutino Hungry-Man, Log Cabin, Tims Cascade Snacks and others.
Conagra Brands president and CEO Sean Connolly said: “After three years of transformative work to create a pure-play, branded food company, we are well-positioned to accelerate the next wave of change.
"The addition of Pinnacle Foods leading brands in the attractive frozen foods and snacks categories will create a tremendous opportunity for us to further leverage our proven innovation approach, brand-building capabilities, and deep customer relationships.”
Post acquisition, the enlarged company will have a portfolio made up of popular brands across the frozen and refrigerated meals and snacks and sweet treats categories.
The transaction, which will be subject to approval of shareholders of Pinnacle Foods, receipt of regulatory approvals and meeting of other customary closing conditions, is anticipated to be completed by the end of this year
-------------------------------------------------------------------------------------------------------------------------------
Editors Note:
To apply for becoming a contributor of EN-SJGLE.com,
welcome to send your CV and sample works to us,
Email: Julia.Zhang@ubmsinoexpo.com.
E-newsletter
Tags