[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) on Monday agreed to buy Twinkies maker Hostess Brands (TWNK.O) for $5.6 billion including debt in a deal that unites two major American snack makers. The deal was worth about $4.6 billion excluding debt, with Jif peanut butter maker Smucker paying Hostess shareholders $34.25 per share. Campbell Soup's (CPB.N) recent acquisition of Rao's sauce maker Sovos Brands (SOVO.O) represented an adjusted EBITDA multiple of 14.6 times, including run rate savings, and 19.8 times excluding those. Based in Lenexa, Kansas, Hostess was founded in 1930 and is behind several iconic household brands, including Ho-Hos, Ding Dongs, Zingers, and Voortman cookies and wafers.

Source: Wall Street Journal September 11, 2023 02:49 UTC