Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 19-Jan-2016

The NYSE-listed Pinnacle Foods Inc. on Friday has made an announcement on the accomplishment of its tender offer for the acquisition of Boulder Brands Inc. (Boulder).

Pinnacle has revealed that it has submitted an offer of $11 a share, or around $975 million for the company.

Pinnacle will be able to enlarge its footprint in the health and wellness space, over and above a new growth platform in refrigerated foods segment, with the acquisition of the Colorado-based Boulder Brands.

Boulder Brands product portfolio includes the gluten-free Udi's and Glutino, plus Smart Balance and Earth Balance, while the Parsippany-based Pinnacle Foods makes Birds Eye frozen vegetables, Wish Bone and Duncan Hines.

Pinnacle has revealed that about 59.4 million shares have been tendered as part of the offer, translating about 90.9% of Boulder shares.

Shareholders who will not participate in the tender offer will be given the same price of $11 in cash for their holding of each Boulder share as well.

Pinnacle will run Boulder as its wholly-owned subsidiary, and Boulder will be delisted from the NASDAQ as well after the accomplishment of the acquisition.

Pinnacle is hopeful of concluding the acquisition later today.

While American Stock Transfer & Trust Company LLC has been serving as the depository for the offer, Perella Weinberg Partners LLC is acting as the dealer manager and Cravath, Swaine & Moore LLP is delivering legal counseling services to Pinnacle.

Go to previous page