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Flowers Foods acquires Tasty Baking
26 April 2011: Georgia based Flowers Foods has acquired snack cake maker Tasty Baking Company in a $165 million (approx Rs 742.5 crore) deal.
Tasty Baking operates two bakeries in Philadelphia and Oxford, Pennsylvania, will increase Flowers’ presence in the snack cake category and give the TastyKake brand access to Flowers' distribution network. The deal will increase Flowers’ market access from 53 percent to 61 percent of the US population.
Under the deal, which is expected to close in the second quarter of 2011 and has the agreement of both firms’ boards, Flowers will submit a tender offer to acquire all of the outstanding shares of Tasty’s common stock for $4/share in cash.
Source: Bakery and snacks