Cases & Deals

Flowers Foods acquires Tasty Baking for $175 million

Clients Flowers Foods, Inc.

Jones Day advised Flowers Foods, Inc., a leading producer and marketer of packaged bakery foods for retail and foodservice customers, in its all cash acquisition of Tasty Baking Company, a leading baker of snack cakes, pies, cookies, and donuts, for $175 million. The consideration is $4.00 per share in cash, as well as the assumption of Tasty's indebtedness. The transaction is structured as a two-step tender offer and short-form merger, and Flowers has a top-up option in the event Tasty's shareholders do not tender enough shares to reach the 80% short-form merger threshold. Flowers will finance the transaction through existing committed facilities.

In addition to M&A representation, Jones Day provided employee benefits, labor and employment, real estate, environmental, intellectual property, and capital markets advice regarding this transaction.

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