Hershey Co, the maker of Reese’s Peanut Butter Cups and Hershey’s Kisses, is nearing a deal to buy SkinnyPop parent Amplify Snack Brands for $1.6 billion, CNBC reported on Monday.
The deal, which could be announced as early as Monday, would value Amplify at $12 a share, a 71 percent premium to Friday’s closing price, CNBC added, citing sources familiar with the matter.
Global food manufacturers have been struggling with weakening growth as consumers seek healthier foods. Pennsylvania-based Hershey has been boosting its portfolio in snacks, which are typically lower-margin products than candy.
Just over a year ago, The U.S. candy maker had spurned a $107 per share takeover offer from Mondelez.
Hershey’s and Amplify were not immediately available for comment outside regular U.S. business hours.
By Parikshit Mishra
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.