Both companies' governing boards have . Under terms of the deal, Hershey will acquire all . Holiday flavors are returning to shelves. Maribel Aber reports during Action News at 6 a.m. on December 18, 2017. But we do need to expand our portfolio.". The Hershey ( HSY) acquisition values Amplify Snack Brands ( BETR) at $12 a share -- a. More recently, large food companies have been making bigger bets on snacks, confronted with continued slow sales and an increasingly competitive retail environment. Amplify manufactures snacks such as the Skinny Pop popcorn, Paqui Paqui tortilla chips, Tyrrells and Oatmega bars made with whey protein from grass-fed cows brands. Its stock though has more than halved, as it has struggled to support these acquisitions and the leverage they left behind. 5. under the terms of the agreement between hershey and amplify, hershey has agreed to acquire all of the outstanding shares of amplify snack brands, inc. for $12.00 per share, in a transaction structured as a tender offer followed by a merger, valued at approximately $1.6 billion, including net debt and including a make-whole payment of $76 million Article . The two expect annual synergies of about $20 million over the next two years from cost savings and portfolio optimization. We also run the premiere real-estate site in the hill country at HillCountryRealestate.com. "The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle," said Michele Buck, president and chief executive officer of The Hershey Co. "Hershey's snack mix and meat snacks . HERSHEY, PA. The Hershey Co. has entered into a definitive agreement to acquire Amplify Snack Brands, Inc. in an all-cash transaction valued at approximately $1.6 billion. Neither Hershey nor Amplify undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in expectations. The Hershey's largest acquisition to date was in 2017, when it acquired Amplify Snack Brands for $1.6B. Both varieties provide -cup of vegetables per serving and are certified gluten-free and Non-GMO Project verified. Subscribe to Food Business News' free newsletters to stay up to date about the latest food and beverage news. Our Last year's Amplify acquisition was the biggest so far, both in the amount paid for the SkinnyPop, Paqui and Oatmega maker and in the reach it gave Hershey in the snack space. The $1.6-billion transaction also includes net debt and a make-whole payment of $76 million. We use cookies to provide you with a better experience. Hersheys snack mix and meat snacks products, combined with Amplifys Skinny Pop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands., Since Amplifys inception in 2014, our companys goal has been to bring transparency to our products, and clean ingredients and great tasting snacks to consumers, said Tom Ennis, Amplify Snack Brands, Inc. President and Chief Executive Officer. Acquiring Amplify Snack Brands for a sweet deal at $1.2 billion, candy and chocolate maker The Hershey Company will be venturing into the healthy snack sector. Led by a team of world-class executives, the company produces guilt-free snacking products and prides itself in having products that taste great with simple ingredients. Jefferies LLC is serving as the financial advisor to Amplify and Goodwin Procter LLP is serving as legal advisor. Hershey will shell out $1.6 billion, or $12 per share, to acquire all of Amplify's outstanding shares, including its net debt, and it plans to finance the deal through cash and new debt. Good morning, and thanks for everyone for joining us today. Copyright 2008 - On December 17, 2017, The Hershey Company ("Hershey"), Alphabet Merger Sub Inc., a wholly owned subsidiary of Hershey ("Acquisition Sub"), and Amplify Snack Brands, Inc. (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). Hershey has agreed to acquire Amplify Snack Brands in a deal which values equity of the business at $12 per share. The deal represents the latest uptick in snack M&A. ( Chap 2 page 89) On January 31, 2018, The Hershey Company acquired Amplify Snack Brands, Inc., its largest business acquisition to date. The snacks are made with vegetables, including corn, navy beans . Hershey has agreed to pay $12 per share in cash for all of Amplify's outstanding shares. Under the terms of the agreement, Hershey will acquire all outstanding shares of Amplify for $12 per share, which represents a multiple of approximately 14.8x 2017 adjusted EBITDA, including run-rate synergies of approximately $20 million expected to be generated over the next two years. Access Hershey's 2018 financial statements and media reports near the time of the acquisition, and answer the following questions. Hershey to acquire Amplify Snack Brands. The deal represents the latest uptick in snack M&A. Getty Images The Hershey Co., maker of the eponymous Kisses,. All information in this press release is as of December 18, 2017. JPMorgan Securities and Morgan Stanley served as financial advisors to Hershey, and Skadden, Arps, Slate, Meagher & Flom served as legal advisor. Cross-category flavor innovation is coming to convenience stores. The transaction is subject to the approval of Amplifys majority stockholders and is expected to close in the first quarter of 2018. Both the tender offer statement and the solicitation/recommendation statement will be made available to Amplifys stockholders free of charge. This is an exciting day here at The Hershey Company, as we . The sweetsmaker, which has focused on the term "snackfection" a blurring of the line between sweet and salty snacks recently launched Hershey's and Reese's popped snack mix and chocolate dipped pretzels. The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle, said Michele Buck, president and chief executive officer of The Hershey Co. Hersheys snack mix and meat snacks products, combined with Amplifys SkinnyPop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands.. Follow. Big marketers like Hershey have been seeking growth from niche acquisitions amid waning consumer enthusiasm for mainstream brands.. Additionally, this combination brings customers a known brand building partner that invests in category management solutions to drive higher levels of conversion and velocity at retail. Get this delivered to your inbox, and more info about our products and services. A free copy of the tender offer statement and the solicitation/recommendation statement will also be made available to all stockholders of Amplify by contacting Amplify by phone at 646-277-1228. Under the terms of the agreement between Hershey and Amplify, Hershey has agreed to acquire all of the outstanding shares of Amplify Snack Brands, Inc. for $12.00 per share, in a transaction . Founded in 1999. Their products are sold internationally, in over 60 countries. Affiliates of TA Associates, Amplifys largest stockholder, and key Amplify insiders, who collectively represent approximately 57%3 of the outstanding shares, have agreed to tender their shares in the transaction. Hershey HSY.N, meanwhile, will spend about $921 million to acquire Amplify Snack Brands BETR.N, . Amplify Snack Brands to acquire U.K. snack company, Hershey to reduce workforce by 15%, seeking to acquire snack brands, Pilgrims Pride bids to acquire Hillshire Brands for $6.4 billion, Dr Pepper Snapple Group to acquire Bai Brands for $1.7 billion, Post to acquire MOM Brands for $1.15 billion, Raised global supply projections push wheat lower, Slideshow: New products from Mars, Blue Diamond and Hostess Brands, Specialty Food Association identifies top trends for 2023, How Nestle New Business Ventures sparks fresh innovation, Michele Buck, president and c.e.o. Snacks & Candy Hershey to Acquire Amplify Snack Brands The acquisition should strengthen Hershey's position in the snacking aisle and broadens its portfolio of healthy and innovative savory snacks brands By Abbey Lewis on Dec. 18, 2017 Hershey President and CEO Michele Buck said the acquisition is an important step in its "journey to becoming an innovative snacking powerhouse." "Hershey's snack mix and meat snacks products, combined with Amplify's Skinny Pop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions . The Hershey has acquired in 10 different US states, and 4 countries. Got a confidential news tip? Austin,. The acquisition is expected to save $20 million over the next . Hershey is a great cultural partner for Amplify and Im excited for our team who will have access to Hersheys marketing and go-to-market resources to take our brands to the next level.. "The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle," said Michele Buck, The Hershey Company President and Chief Executive Officer. At the time the tender offer is commenced, Hershey and its acquisition subsidiary will file tender offer materials on Schedule TO with the SEC, and Amplify will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. for $397 million, or approximately $325 million net of tax benefits. | Source: This communication is forinformational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell sharesof Amplify, nor is it a substitute for the tender offer materials that Hershey and its acquisition subsidiarywill file with the Securities and Exchange Commission (SEC) upon commencement of the tender offer. Hershey offering to buy SkinnyPop maker. 4. This is The Hershey's 2nd transaction in Texas. Campbell said it would acquire Snyder's-Lance Inc. for $6.1 billion, including debt, the largest deal in the company's history. The $1.6-billion transaction also includes net debt and a make-whole payment of $76 million. The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse as together it will enable us to bring scale and category management capabilities to a key sub-segment of the warehouse snack aisle, said Michele Buck, The Hershey Company President and Chief Executive Officer. HERSHEY, PA. The Hershey Co. has entered into a definitive agreement to acquire Amplify Snack Brands, Inc. in an all-cash transaction valued at approximately $1.6 billion. Austin, Texas-based Amplify Snack Brands makes and markets snack brands such as Skinny Pop, Paqui chips, Oatmega healthy snack bars and Tyrrell's potato chips. The Hershey Company (NYSE: HSY), headquartered in Hershey, Pa., is a global confectionery leader known for bringing goodness to the world through its chocolate, sweets, mints and other.
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