Hostess saw demand for its Twinkies slip after raising prices, sparking takeover interest from larger rivals.
Hostess shareholders will receive $30 in cash and .03002 shares of Smucker's stock for each share of Hostess that they owned. Smucker has also agreed to assume Hostess's debt of roughly $900 million. The deal is expected to close in Smucker's fiscal third quarter, which ends in January.
Smucker's purchase is the latest in a flurry of deals by Big Food, which is hunting for growth as pandemic gains slip away.
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