Sector News

Hershey nears $1.6 billion deal to buy Amplify Snacks: CNBC

December 18, 2017
Food & Drink

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

Source: Reuters

comments closed

Related News

September 22, 2023

Food safety in focus: Japan researchers advance rapid bacterial testing tech to prevent food poisoning

Food & Drink

A new technology that speeds up bacterial testing in food is showing promise to “revolutionize” the process of testing bacterial viability in food, according to Japan-based scientists who discovered the breakthrough in food safety. The technique can reportedly verify food safety before shipment from factories and prevent food poisoning.

September 22, 2023

Heineken Mexico invests €430m in new brewery

Food & Drink

Heineken Mexico plans to invest €430 million in the establishment of a new brewery in Yucatán, aiming to expand sustainable brewing practices and foster community growth. Construction will take place in the Kanasín municipality, marking the company’s inaugural brewery in southeastern Mexico.

September 22, 2023

KDP appoints Tim Cofer as COO, to assume CEO role in 2024

Food & Drink

Keurig Dr Pepper (KDP) has appointed former Mondelēz International executive Tim Cofer as its new chief operating officer, with plans for Cofer to succeed current CEO Bob Gamgort in the second quarter of 2024. Cofer, who will join KDP on 6 November, will work closely with Gamgort while in the capacity of COO.

How can we help you?

We're easy to reach