Sovos’ stockholders voted to approve Campbell’s acquisition of the outstanding Sovos Brands’ shares at $23.00 per share in cash. 92.38% of the company’s outstanding shares were voted, with 99.99% of the votes cast in favour of the proposal.
Sovos Brands’ portfolio includes the brand names Rao’s, Michael Angelo’s and Noosa, which make products such as pasta sauces, soups and frozen pizzas.
FoodBev first covered the agreement when the news broke in August. Campbell’s president and CEO, Mark Clouse said that he was “thrilled” to “welcome the talented employees” of the Sovos Brands.
Sovos’ founder, president and CEO Todd Lachman spoke about the agreement saying that he was “confident in Campbell’s ability to continue bringing our products to more households and further building on our track record of growth and success for years to come”.
The closing of the transaction is subject to various closing conditions including regulatory approval, with Sovos expecting the close in Q4 2023.
By David Echevarria
Source: foodbev.com
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