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News Breaks | | | | January 11, 2013 | | 18:37 EDT |  | FLO | Flowers Foods agrees to acquire $360M of Hostess assets
Flowers Foods announced it has signed two asset purchase agreements with Hostess Brands as the "stalking horse bidder" for certain Hostess assets. One of the agreements provides for the purchase by Flowers of the Wonder, Nature's Pride, Merita, Home Pride and Butternut bread brands; 20 bakeries; and approximately 38 depots for a purchase price of $360M. The other agreement provides for the purchase by Flowers of the Beefsteak brand for $30M. Based on the current bid price, Flowers Foods would expect the transactions to be accretive to earnings in 2013. Flowers Foods plans to finance the transactions through a mix of available cash on hand and debt. | |
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