Tyson Foods is buying packaged-food maker AdvancePierre for $3.2 billion
Already the largest US meat company, Tyson agreed to buy packaged-food maker AdvancePierre Food Holdings for $3.2 billion.
The Springdale, Arkansas-based producer of chicken, beef and pork will pay $40.25 per share in cash for AdvancePierre. That's almost double the initial public offering price for AdvancePierre, which was taken public by Oaktree Capital at $21 per share in September 2016. The firm still owns 42% of the company's outstanding shares.
AdvancePierre's shares surged 9.1% in pre-market trading on the news.
"This combination will allows AdvancePierre to accelerate its growth and broaden its distribution network by leveraging Tyson's existing distribution infrastructure and go-to-market capabilities," AdvancePierre president and CEO Christopher D. Sliva said in a statement.
This story is developing.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore