A deal has been made whereby Berkeley-based Annie’s shall be sold to the General Mills for $820m in the hope that Annie’s organic products will help appeal to the changing tastes of General Mills’ customers.
General Mills has become a household name with such well-known products as Progresso soups, Yoplait yogurts, Pillsbury dough, and the cereals Cinnamon Toast Crunch and Cheerios. CBS reports, however, that breakfast sandwiches have begun to eat into cereal sales and the more protein-rich Greek yogurt has also grown in popularity.
In recent years, General Mills has tweaked its recipes as well as adding products that it hoped would appeal to health-conscious consumers. Annie’s sales grew in its last fiscal year by 20%, thus tempting General Mills enough to invest in the company.
The purchase price of Annie’s Inc. is reported to be $46 per share. The deal has been endorsed by Annie’s board and is expected to close before the end of the year. Both Annie’s and General Mill’s stock price increased in aftermarket trading following the announcement.
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