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Hostess Twinkies and CupCakes are displayed on a store shelf on May 17, 2021 in San Anselmo, California.
Justin Sullivan | Getty Images
Jelly maker J.M. Smucker is buying Twinkie owner Hostess Brands for $5.6 billion, or $34.25 a share.
Hostess shareholders will receive $30 in cash and .03002 shares of Smucker’s stock for each share of Hostess that they owned. Smucker has also agreed to assume Hostess’s debt.
As of Friday’s close, shares of Hostess stock have risen 25% this year, giving the company a market value of $3.73 billion. But the company’s shares had already received a significant boost after Reuters reported in late August that it was considering a sale after fielding interest from large food companies, including PepsiCo and Oreo maker Mondelez International.
This is breaking news. Please check back for updates.
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