Pinnacle Foods Inc., Parsippany, NJ, and Boulder Brands Inc., Boulder, CO, announced on Nov. 24 that they have entered into a definitive agreement in which Pinnacle Foods will acquire Boulder Brands. The transaction expands Pinnacle’s presence in growing and complementary health and wellness categories and in the natural and organic retail channel, as well as provides the company with a new growth platform in refrigerated foods.
Under the terms of the agreement, Pinnacle Foods intends to launch a tender offer to acquire all of the outstanding shares of Boulder Brands for $11 per share, in a transaction valued at approximately $975 million, including approximately $265 million of net debt. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2016.