ORRVILLE, OHIO — The J.M. Smucker Co. has extended its offer to acquire Hostess Brands, Inc. to 12 p.m. EST on Nov. 7. The offer previously was scheduled to expire one minute after 11:59 p.m. on Nov. 6.
“The offer has been extended in order to allow shares tendered pursuant to guaranteed delivery to be validly delivered and any additional shares to be tendered and validly delivered so that a majority of the outstanding shares will have been tendered and validly delivered as of the extended expiration of the offer,” J.M. Smucker said.
According to Computershare Trust Co., N.A., the depositary and exchange agent for the offer, approximately 65,930,147 shares of Hostess Brands had been validly tendered and not validly withdrawn as of 11:59 p.m. EST on Nov. 6, representing about 49.6% of Hostess Brands shares. An additional 25,437,766 shares of Hostess Brands were tendered pursuant to guaranteed delivery procedures, representing an additional approximately 19.14% of shares of Hostess Brands, according to Computershare Trust Co.J.M. Smuckeragreed to acquireLenexa, Kan.-based Hostess Brands in mid-September for approximately $5.6 billion, which includes about $900 million of net debt. Hostess Brands shareholders will receive $30 in cash and 0.03002 shares of the J.M. Smucker Co. common stock (valued at $4.25 per share on Sept. 8) for each share of Hostess Brands common stock.