Tyson Foods has completed the acquisition of AdvancePierre Foods, a move aligned with Tyson Foods’ fast-growing portfolio of protein packed brands.
The company completed a tender offer to buy all the outstanding shares of common stock of AdvancePierre for $40.25 per share in cash, without interest. The offer expired at midnight June 6 and was followed by a merger of a wholly-owned subsidiary of Tyson Foods into AdvancePierre. The total value of the transaction was approximately $4.2 billion.
“AdvancePierre is a natural, strategic fit that will extend our capabilities in new and growing food categories.” said Tyson Foods President and CEO Tom Hayes. “We expect the acquisition to immediately contribute to earnings and are also confident it will result in cost synergy benefits of $200 million within three years.”
AdvancePierre is now a wholly owned subsidiary of Tyson Foods and its shares will cease to be traded on the New York Stock Exchange.
Tyson Foods is headquartered in Springdale, Ark., and is one of the world’s largest food companies with brands such as Tyson, Jimmy Dean, Hillshire Farm, Sara Lee, Ball Park, Wright, Aidells and State Fair.
Story by: Enid News & Eagle