General Mills, Minneapolis, signed a definitive agreement to acquire Annie's Inc. for $46 per share in cash, for a total transaction value of approximately $820 million. This acquisition will enable Annie's to enter a new phase of growth and success while maximizing value for stockholders. Annie's will continue to be headquartered in Berkeley, Calif.
"We are excited about this strategic combination, which will enable Annie's to expand the reach and breadth of our high-quality, great-tasting organic and natural products, provide new opportunities for our employees, realize greater efficiencies in our operations and maximize value for our stockholders," says John Foraker, chief executive officer of Annie's. "Powerful consumer shifts toward products with simple, organic and natural ingredients from companies that share consumers' core values show no signs of letting up. Partnering with a company of General Mills' scale and resources will strengthen our position at the forefront of this trend, enabling us to more rapidly and efficiently expand into new channels and product lines in a rapidly evolving industry environment.”