Flowers Foods, Inc. To Acquire Lepage Bakeries Inc., Auburn, Me.
Flowers Foods, Inc. has entered into a definitive agreement to acquire Lepage Bakeries, Inc., of Auburn, Me. for $370 million in cash and stock.
• The purchase by a wholly-owned subsidiary of Flowers of all the issued and outstanding shares of Lepage Bakeries, Inc. and certain of its affiliates in exchange for $300 million in cash at closing and $20 million in total deferred cash payments beginning on the fourth anniversary of the closing date; and
• The merger of certain other affiliates of Lepage with and into a second wholly-owned subsidiary of Flowers in exchange for a number of shares of Flowers’ common stock, par value $.01 per share, valued at $50 million.
The cash component of the transaction will be funded with a combination of cash on hand and existing credit facilities. The transaction is subject to customary conditions, including receipt of required regulatory approvals.
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