Business

Tyson foods to buy AdvancePierre for $3.2 billion

FILE - In this Monday, Feb. 7, 2011, file photo, Sara Lee bakery products are on display in the freezer case at Quality Market in Barre, Vt. Tyson Foods Inc., which makes Jimmy Dean, Ball Park and Sara Lee products, will pay $3.2 billion to add packaged sandwich maker AdvancePierre to its portfolio of processed and prepared food units. The move to buy AdvancePierre comes as Tyson focuses more on þÄúprotein-packed brandsþÄù. On Monday, April 24, 2017, it announced that it's considering selling the Sara Lee frozen bakery business, its Kettle brand and VanþÄôs. (AP Photo/Toby Talbot, File)
The Associated Press
Posted: Apr. 25, 2017 11:19 am

NEW YORK — Tyson Foods will pay $3.2 billion to add packaged sandwich maker AdvancePierre to its stable of processed food brands.

 

Tyson will pay $40.25 per share, a 9.8 percent premium to AdvancePierre's closing share price Monday.

 

Tyson Foods Inc. will also assume about $1.1 billion in debt from the Blue Ash, Ohio, company.

 

The deal is expected to close in the third quarter.

 

Tyson is shifting its portfolio to incorporate a heavier emphasis on proteins. On Monday, Tyson said that it might sell its Sara Lee frozen bakery business, its Kettle brand and Van's.

 

Tyson, based in Springdale, Arkansas, owns the Jimmy Dean and Ball Park brands.

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