Conagra Brands, the leading US food manufacturer, is to acquire Birds Eye owner Pinnacle Foods in a cash and stock deal worth $10.9 billion, the two firms have announced in a statement. The deal will reportedly make the combined company the second leading player in US frozen food behind Nestle. In addition to Birds Eye, Pinnacle Foods markets brands such as Duncan Hines, Earth Balance, EVOL, Erin’s, Gardein, Glutino, Hawaiian Kettle …
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Pinnacle Foods
Pinnacle Foods, a producer, marketer and distributor of food products and owner of the Bird’s Eye brand in the US, has announced that it has agreed to acquire Boulder Brands in a deal valued at approximately $975 million, including around $265 million of net debt. Describing the move as a “strategic, synergy-rich transaction”, Pinnacle said that the acquisition “expands Pinnacle’s presence in the natural and organic retail channel and provides Pinnacle with …
Pinnacle Foods Inc. is to enter the plant protein market with the acquisition of the Canadian firm Gardein Protein International. Garden is a manufacturer of a broad range of frozen substitutes for traditional animal-based protein formats, such as chicken strips and tenders, ground beef and fish fillets. The acquisition, which includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees, has a purchase price of CAD$175 million ($153.8 …
Pinnacle Foods Inc. has released its fiscal results for the third quarter ended 28th September 2014, reporting “strong growth in earnings”. Compared to the same period last year, net sales rose 9%, a result attributed by Pinnacle to the benefit of the company’s acquisition of Wish-Bone and the growth of the base business. Net earnings and diluted earnings per share advanced approximately 17%, while net sales for North America Retail, …
After previous reports that Hillshire Brands would merge with Pinnacle Foods Group, the former has recently announced that the company’s board of directors have suggested terminating the agreement and instead moving forward with acquiring Tyson Foods, Inc for around $8.5 billion. This decision puts the the ball back in Pinnacle Food’s court, according to Food Business News. In a statement, Hillshire Brands said:“In accordance with the terms of the Pinnacle …
Hillshire Brands has announced that it has agreed terms with Pinnacle Foods Inc through which Hillshire Brands will buy all remaining shares of Pinnacle Foods in a cash and stock deal. Under the terms of the agreed deal, each Pinnacle Food common stock share will be traded for $18.00 USD in cash and 0.50 shares of Hillshire Brands common stock. The total value of the deal will be around $6.6 …
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