Hostess acquired by Smucker’s in deal worth over $5 billion

After multiple bankruptcies over the past 20, Hostess — maker of snacks like Ding Dongs, Donettes and the iconic Twinkie — is now being purchased by The J.M. Smucker Company, also known as Smucker’s, for $5.6 billion. 

The company reportedly beat out PepsiCo, Monedelez and General Mills for the purchase, according to Alina Selyukh of NPR. Hostess initially declared bankruptcy in 2004 before filing again in 2012. Back in 2016, Hostess passed between various investment firms and went public “via a merger with a special purpose acquisition company,” as reported by J. Edward Moreno in The New York Times.

Moreno also writes that the takeover “values Hostess at $34.25 per share, about 50% higher than its stock was trading before takeover rumors emerged a few weeks ago.”

“We believe this is the right partnership to accelerate growth and create meaningful value for consumers, customers and shareholders,” Hostess CEO Andy Callahan said in a statement to CNN. 

In addition to Hostess and their jams, jellies and pet food brands, Smucker’s also currently owns Uncrustables, Jif, Knott’s Berry Farm, Carnation, Folgers, Cafe Bustelo and all Dunkin’ retail products, per Dennis Lee at The Takeout.