J.M. Smucker Set to Acquire Hostess Brands in $5B Deal
J.M. Smucker, the maker of Jif peanut butter, is reportedly close to acquiring Hostess Brands, the owner of Twinkies snack cakes, for approximately $5 billion. The deal value does not include Hostess' net debt of around $900 million. Hostess' stock has risen nearly 27% since August 25 when news of a potential sale emerged. The acquisition comes as U.S. packaged food companies seek mergers amid declining pandemic-era fortunes and the waning benefits of price hikes.