By Colin Kellaher
Shares of Hostess Brands moved higher in premarket trading Monday after The Wall Street Journal reported that the Twinkies maker is near an agreement to been acquired by J.M. Smucker in a deal likely worth around $4 billion.
Smucker beat out General Mills in the bidding for Hostess, the Journal reports, citing people familiar with the matter, and a deal could be announced as early as Monday.
Hostess shares were trading around $22 in late August before rising after published reports said the company was considering a sale, and that the likes of General Mills, Mondelez, PepsiCo and Hershey were taking a look.
Hostess shares, which closed Friday at $28.11, were recently up 6.7% to $30 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
Read the full article here