Annie's to be acquired by General Mills for approximately $820 million
Annie's Inc., a natural and organic foods company, has agreed to be acquired by General Mills, Inc. for $46.00 per share in cash, for a total transaction value of approximately $820 million. The purchase will allow Annie's to enter a new phase of growth and success and maximize value for stockholders. Annie's will continue to be headquartered in Berkeley, CA.
With General Mills’ intention to purchase Annie’s Inc., Berkeley, CA, John Foraker, CEO of Annie’s, is optimistic about the company’s growth.
“We are excited about this strategic combination, which will enable Annie's to expand the reach and breadth of our high quality, great tasting organic and natural products, provide new opportunities for our employees, realize greater efficiencies in our operations and maximize value for our stockholders," he says. "Powerful consumer shifts toward products with simple, organic and natural ingredients from companies that share consumers' core values show no signs of letting up. Partnering with a company of General Mills' scale and resources will strengthen our position at the forefront of this trend, enabling us to more rapidly and efficiently expand into new channels and product lines in a rapidly evolving industry environment.”
Foraker says Annie's will remain dedicated to its mission of cultivating “a healthier and happier world by spreading goodness through nourishing foods, honest words and conduct that is considerate and forever kind to the planet.” Authentic roots, great-tasting products, high quality organic and natural ingredients, and sustainable business practices will continue to be the brand’s cornerstones, concludes Foraker.
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