Hershey finalizes tender offer for Amplify Snack Brands outstanding shares
01 Feb 2018 --- The Hershey Company has completed the tender offer by Alphabet Merger Sub Inc., a subsidiary of Hershey, for all of the outstanding shares of common stock of Amplify Snack Brands, Inc. at a price of US$12.00 per share in cash.
American Stock Transfer & Trust Co., LLC, the depositary for the tender offer, has advised Hershey that the tender offer – approximately 71,970,009 shares of common stock of Amplify, representing approximately 95.1391 percent of Amplify’s currently outstanding shares of common stock, were validly tendered and not withdrawn in the tender offer.
As a result, the condition to the tender offer that a majority of Amplify’s outstanding shares of common stock on a fully diluted basis be validly tendered and not withdrawn has been satisfied, according to Hershey’s.
Last December, Hershey’s targeted snacks with a US$1.6 billion Amplify deal when the confectionery and chocolate giant signed an agreement to acquire Amplify Snack Brands, the company behind SkinnyPop popcorn.
The move demonstrates how big US food firms are diversifying focus to better cater for American consumers’ growing preference for healthier options.
Both companies entered into a definitive agreement under which Hershey will acquire all outstanding shares of Amplify for US$12.00 per share in cash.
As a result of the merger, all remaining Amplify shares of common stock issued and outstanding immediately prior to the effective time of the merger.
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