Post Holdings Enters Into Definitive Agreement with Conagra Brands to Acquire Peter Pan® Peanut Butter Brand
December 07 2020 - 8:30AM
Post Holdings, Inc. (NYSE:POST) (“Post”) and Conagra Brands, Inc.
(NYSE:CAG) (“Conagra”) today announced that they have entered into
a definitive agreement for Post to acquire the Peter Pan peanut
butter brand from Conagra. Peter Pan is an iconic, nationally
recognized brand with a 100-year-old history and a diversified
customer base across key channels. All Peter Pan peanut
butter products are currently co-manufactured by 8th Avenue Food
& Provisions, Inc., an affiliate of Post.
Under the terms of the agreement, Conagra will provide
transitional services to facilitate transitioning the business.
Final terms of the transaction were not disclosed. The transaction
is expected to be completed in the first calendar quarter of 2021,
subject to customary closing conditions, including the receipt of
any applicable regulatory approvals.
Conagra appointed Goldman Sachs & Co. LLC as financial
advisor to assist with the sale.
Forward-Looking Statements
Certain matters discussed in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are made based
on known events and circumstances at the time of release, and as
such, are subject to uncertainty and changes in circumstances.
These forward-looking statements include statements regarding
regulatory approvals and the expected timing of completion of the
transaction. There is no assurance that the acquisition of Peter
Pan by Post will be consummated, and there are a number of risks,
uncertainties and assumptions that could cause actual results to
differ materially from the forward-looking statements made herein,
including risks relating to the timing and ability to obtain the
required regulatory approvals and satisfy the other closing
conditions for the proposed acquisition, the occurrence of any
event, change or other circumstance that could delay the closing of
the proposed acquisition, and other risks and uncertainties
described in Post’s and Conagra’s filings with the Securities and
Exchange Commission. These forward-looking statements represent
Post’s and Conagra’s judgment as of the date of this release. Post
and Conagra disclaim, however, any intent or obligation to update
these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a
consumer packaged goods holding company operating in the
center-of-the-store, refrigerated, foodservice, food ingredient and
convenient nutrition food categories. Through its Post Consumer
Brands business, Post is a leader in the North American
ready-to-eat cereal category offering a broad portfolio including
recognized brands such as Honey Bunches of Oats®, Pebbles™, Great
Grains® and Malt-O-Meal® bag cereal. Post also is a leader in the
United Kingdom ready-to-eat cereal category with the iconic
Weetabix® brand. As a leader in refrigerated foods, Post delivers
innovative, value-added egg and refrigerated potato products to the
foodservice channel and the retail refrigerated side dish category,
offering side dish, egg, cheese and sausage products through the
Bob Evans®, Simply Potatoes® and Crystal Farms® brands. Post’s
publicly-traded subsidiary BellRing Brands, Inc. is a holding
company operating in the global convenient nutrition category
through its primary brands of Premier Protein®, Dymatize® and
PowerBar®. Post participates in the private brand food category
through its investment with third parties in 8th Avenue Food &
Provisions, Inc., a leading, private brand centric, consumer
products holding company. For more information, visit
www.postholdings.com.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago,
is one of North America's leading branded food companies.
Guided by an entrepreneurial spirit, Conagra Brands combines a rich
heritage of making great food with a sharpened focus on innovation.
The company's portfolio is evolving to satisfy people's changing
food preferences. Conagra's iconic brands, such as Birds
Eye®, Marie Callender's®, Banquet®, Healthy Choice®, Slim
Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands,
including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®,
Gardein®, and Frontera®, offer choices for every occasion. For more
information, visit www.conagrabrands.com.
Post Holdings
Contacts:Investor
RelationsJennifer Meyerjennifer.meyer@postholdings.com (314)
644-7665
Media RelationsLisa Hanlylisa.hanly@postholdings.com (314)
665-3180
Conagra Brands Contacts:Media
RelationsDan HareDaniel.hare@conagra.com (312) 549-5355
Investor RelationsBrian Kearney ir@conagra.com (312)
549-5002
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