AdvancePierre is a national producer of ready-to-eat lunch and dinner sandwiches, sandwich components and snacks.
Tyson Foods, Inc., Springdale, Ark., announced plans to acquire AdvancePierre Foods Holdings, Inc., Cincinnati, for $40.25 per share.
“We are very pleased to announce this combination with AdvancePierre,” says Tom Hayes, Tyson president and CEO. “The AdvancePierre leadership team has created significant value through the implementation of a new business management model, focus on quality and service and attention to the growth opportunities in convenience foods. The addition of AdvancePierre aligns with our strategic intent to sustainably feed the world with the fastest growing portfolio of protein-packed brands. This transaction will provide an attractive current premium to AdvancePierre shareholders as well as significant ongoing benefits to Tyson shareholders and the customers and team members of both companies. We are always prudently evaluating opportunities to leverage our strengths to drive future growth, whether by divesting non-core, non-protein focused assets or by acquiring companies like AdvancePierre, that enhance our capabilities in growing categories. We believe that AdvancePierre and Tyson are a natural strategic fit, and together will accelerate growth for customers by delivering on-trend, high-quality products consumers love. We look forward to welcoming AdvancePierre’s dedicated team members to the Tyson family.”