J.M. Smucker on Monday agreed to buy Twinkies maker Hostess Brands for $5.6 billion including debt in a deal that unites two major American snack makers.
The deal was worth about $4.6 billion excluding debt, with Jif peanut butter maker Smucker paying Hostess shareholders $34.25 per share. The cash-and-stock offer represents a premium of 54 percent on the stock since the day Reuters reported the company was exploring a sale.
