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BUSINESS NEWS.(TO THE POINT)
CONSUMER
Sara Lee to buy baker for $1.7 bil
In the largest purchase in its history, the food and consumer goods maker will acquire the No. 2 U.S. bakery, Earthgrains, in a cash deal. Sara Lee, whose bakery unit last year had sales of $1 billion, said the purchase will quadruple its annual bakery sales. Sara Lee will pay $40.25 a share for each Earthgrains share. That's a 50% premium to Earthgrains' Friday closing price. Including Earthgrains' debt, the deal is worth $2.8 billion. Earthgrains' shares jumped 13.82, or 53%, to 39.82, and Sara Lee's rose 55 cents to 19.49.
Pepsi gets more time to divest
All Sport before buying Quaker
Quaker Oats extended by 30 days the July 3 deadline for PepsiCo to sell its All Sport beverage unit. That gives the firms more time to get approval for Pepsi's proposed $13.5 billion stock buy of Quaker. In June, Pepsi said the deal would be delayed until later in the third quarter as talks with the Federal Trade Commission continued. FTC officials are concerned that the No. 2 soft drink maker could leverage ...
- Earthgrains Company Announces Agreement to Be Purchased by Sara Lee Corporation.
- Press release article from: PR Newswire July 2, 2001 700+ words
...agreement under which Sara Lee Corporation would buy Earthgrains for $40.25 per...billion acquisition, Earthgrains would merge with Sara Lee's baking operations...shareholder value for Earthgrains and Sara Lee." UBS Warburg LLC...
- Sara Lee Corporation To Acquire Earthgrains for $2.8 Billion; Becomes...
- Press release article from: Business Wire July 2, 2001 700+ words
...2001 With addition of Earthgrains, Sara Lee's largest acquisition...With the acquisition of Earthgrains, Sara Lee more than quadruples its...chief executive officer of Sara Lee Corporation. "Earthgrains is a key element in the...
- Earthgrains Co. Finds Strong Partner in Acquisition by Sara Lee.
- Newspaper article from: Knight Ridder/Tribune Business News August 21, 2001 700+ words
...official record says Sara Lee Corp. purchased Earthgrains Co. in a $2.8...s a new name -- Sara Lee Bakery Group -- but Earthgrains still is running...agree to be bought by Sara Lee? "We felt Earthgrains would have held its...
- Sara Lee Bids For Earthgrains.(Brief Article)(Statistical Data Included)
- Magazine article from: The Food Institute Report July 9, 2001 700+ words
...The acquisition of Earthgrains provides Sara Lee with several key strategic benefits: * Earthgrains' and Sara Lee's combined routes...growth platform for Sara Lee's bakery operations. Earthgrains' Bimbo brand holds...
- Earthgrains CEO Says He'll Stay On to Run Division for Sara Lee.
- Newspaper article from: Knight Ridder/Tribune Business News July 14, 2001 700+ words
...will stay on to run Earthgrains as part of Sara Lee's bakery operations...purchase of 22,600 Earthgrains shares in May, after Sara Lee had approached the...Beracha said. The Earthgrains board accepted the Sara Lee offer on June 29...
- SARA LEE TO BUY EARTHGRAINS DEAL TO MEAN 'BUSINESS AS USUAL' AT MADISON...
- Newspaper article from: Wisconsin State Journal (Madison, WI) July 3, 2001 700+ words
...consumer goods giant Sara Lee Corp., an Earthgrains spokesman said Monday...Baking was purchased by Earthgrains for $625 million. Sara Lee of Chicago said Monday...in St. Louis. Top Sara Lee and Earthgrains executives said the...
- Sara Lee to purchase Earthgrains.
- Magazine article from: Feedstuffs HOWIE, MICHAEL July 9, 2001 700+ words
...chief executive officer of Sara Lee. "Earthgrains is a key element in the investment phase of Sara Lee's reshaping program as it...segments," said McMillan. Sara Lee said Earthgrains has a highly respected management...
- Sara Lee to Buy Nation's Second-Largest Bakery Earthgrains for $2.8 Billion.
- Newspaper article from: Knight Ridder/Tribune Business News July 3, 2001 700+ words
...as pie and cheesecake. Earthgrains will extend Sara Lee into fresh breads and...likely won't stop with Earthgrains. "Sara Lee has a long history of...mean more job cuts at Sara Lee and Earthgrains, the companies said...