Shares of Hostess Brands Inc. shot up 16.7% into record territory after the donuts and snacks company confirmed an agreement to be acquired by J.M Smucker...
Shares of Hostess Brands Inc.
shot up 16.7% into record territory after the donuts and snacks company confirmed an agreement to be acquired by J.M Smucker Co. SJM, +0.88% in a cash and stock deal valued at $5.6 billion. J.M. Smucker shares tumbled 11.0% ahead of the open. Under terms of the deal, Hostess shareholders will receive $30.00 in cash and 0.03002 J.M. Smucker shares for each Hostess share they own, which values Hostess shares at $34.25 each. That represents a 21.8% premium to Friday’s closing price of $28.11.
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