Market Overview

Pinnacle Foods Extends Tender Offer To Acquire Boulder Brands Until January 15

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Pinnacle Foods Inc (NYSE: PF) announced on November 24, 2015, that it has entered into an agreement to acquire Boulder Brands Inc (NASDAQ: BDBD) for $11 per share, valuing the company at approximately $295 million.

Pinnacle Foods said on Friday it has extended its tender off to acquire all the outstanding shares of Boulder Brands for $11 per share. The tender offer will now expire at 12:00 midnight, New York City time, on January 15, 2016.

The prior tender off was scheduled to end at 12:00 midnight, New York City time, on January 7, 2016.

Pinnacle Foods noted that the tender offer was extended because "the bank marketing period in connection with Pinnacle's debt financing for the transaction would not have ended prior to the previously scheduled expiration date of the tender offer."

Pinnacle Foods continued that 56,409,889 shares had been tendered and not withdrawn. This represents approximately 86.5 percent of Boulder's outstanding shares. The company added that it will acquire all remaining shares through a merger of one of its wholly owned subsidiaries into Boulder at the tender offer price.

Shares of Pinnacle Foods were trading higher by 0.40 percent at $42.93 Friday afternoon while shares of Boulder Brands continued to trade in-line with the $11.00 per share tender offer.

Posted-In: Boulder Brands Pinnacle Foods tenderM&A News

 

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