Tyson Foods Inc. of Springdale said Wednesday that it has completed its $4.2 billion deal to purchase AdvancePierre Foods Holdings Inc. of Cincinnati, a national producer and distributor of value-added, ready-to-eat sandwiches, sandwich components, entrées and snacks.
The deal, originally announced in April, is the company's biggest since its $8.5 billion purchase of Hillshire Brands of Chicago in 2014. It adds to Tyson Foods' portfolio of branded and value-added packaged foods, a key area of the company's strategic plans.
AdvancePierre, which went public last year (NYSE: APFH), reported annual revenue of $1.6 billion in 2016 and has about 4,500 employees. The company's history dates the founding of Pierre Foods in 1946.
Per the deal, Tyson paid $40.25 per share for the company. The deal includes $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt.
Tyson's acquisition has drawn a legal challenge by AdvancePierre investor Stephen Bushansky, who proposed a class-action lawsuit alleging the companies didn't disclose enough information about the deal in securities filings.
Shares of Tyson (NYSE: TSN) were trading at $60.11 on Wednesday.
from Restaurants & Food - ArkansasBusiness.com http://www.arkansasbusiness.com/article/117278/tyson-foods-completes-42b-advancepierre-buy
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