Intersnack to Buy Utz for $14.25/Share Cash, 87% Premium
UTZ is trading near its 52-week low of $6.78 (13% above the low).
Summary
Intersnack Group will acquire all Utz Class A common stock for $14.25 per share in cash, an 87% premium to the last close of $7.64. The deal takes Utz private at a significant markup, reflecting strong strategic interest in the snack food company. The acquisition price implies a total equity value of roughly $2 billion, well above the recent market cap, and the transaction is valued at $2.9 billion. The deal will be financed by a combination of approximately $920 million cash from Intersnack Group. This follows a mixed Q1 where Utz posted a net loss but grew organic sales 2.6% and improved margins. The transaction is expected to close subject to customary conditions and regulatory approvals.
At the time of this announcement, UTZ was trading at $7.64 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $6.78 to $14.67. This news item was assessed with positive market sentiment and an importance score of 10 out of 10. Source: Dow Jones Newswires.