Hostess Brands up after report J.M. Smucker to buy co for nearly $5 bln

Hostess Brands

11/09/2023 11:16

** Shares of Twinkies snack cakes maker Hostess Brands
 TWNK.N  climb 6.7% to $30 premarket
    ** Jif peanut butter maker J.M. Smucker  SJM.N  is nearing a
deal to buy TWNK for nearly $5 billion, sources familiar with
the matter told Reuters on Sunday  
    ** Packaged food companies, including Campbell Soup  CPB.N 
have looked to revamp their portfolios through mergers and
acquisitions in a bid to appeal to customers amid sluggish sales
    ** TWNK's stock has jumped ~27% since Aug. 25, when Reuters
reported co was exploring a sale after fielding takeover
interest from major food makers
    ** TWNK's market capitalization is ~$3.73 bln, while SJM's
market value is ~$14 bln - LSEG data
    ** Up to last close, TWNK was up 25.3% YTD, while SJM was
down 10.7% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))