The packaged foods company said that the acquisition will strengthen its financial position and array of food products. Birds Eye Foods is the nation’s largest frozen food company. Pinnacle, that produces Duncan Hines, Swanson frozen dinners, Vlasic pickles and Mrs. Butterworth’s syrup, is one of the largest packaged food companies.
The deal, which should close no later than the first quarter of 2010, will result in the withdrawal of a planned public offering of Birds Eye Foods stock. Pinnacle expects to fund the transaction using a combination of new-debt financing at the company and a “significant new equity contribution” from Blackstone.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine
