Flowers commences tender offer for Tasty shares
April 21, 2011
by Eric Schroeder
THOMASVILLE, GA. — Flowers Foods, Inc. said its direct wholly-owned subsidiary, Compass Merger Sub, Inc., has commenced its tender offer for all outstanding shares of common stock of Tasty Baking Co. at a price of $4 per share.
The tender offer is being made in connection with the companies earlier Agreement and Plan of Merger, which was announced April 10.
Tasty said its board of directors unanimously has determined the Agreement and Plan of Merger and tender offer “are in the best interests of Tasty’s shareholders.” The board also recommended shareholders of Tasty tender their shares pursuant to the tender offer.
The tender offer is scheduled to expire at midnight, Eastern Standard Time, on May 19, unless extended.
Flowers Foods’ share price opened at $29.43 on April 21, up 4.4% from the close of $28.18 on April 11, the day the transaction was announced. Tasty Baking’s share price opened at $3.98 on April 21, up from its close of $3.97 on April 11.