Global law firm Proskauer served as lead counsel to Annie’s, Inc. (NYSE:BNNY) in its definitive agreement to be acquired by General Mills, Inc. for $46.00 per share in cash, for a total transaction value of approximately $820 million. The transaction consideration represents a 51% premium over Annie’s 30-day average closing price of $30.47, as of September 5, 2014.
General Mills will launch a tender offer within ten business days to purchase all outstanding shares of Annie’s. General Mills’ offer will be subject to the tender of a majority of Annie’s shares and to certain other customary closing conditions including regulatory approval. Annie’s will continue to be headquartered in Berkeley, California and the transaction is expected to close later in calendar 2014.
Founded in 1989, Annie’s is a leading natural and organic food company that offers over 145 products in large packaged food categories. Annie’s products are made without artificial flavors, synthetic colors, and preservatives and are available in over 35,000 retail locations in the United States and Canada.
The Proskauer team was led by co-head of Capital Markets Julie Allen and included partners Daniel Ganitsky (M&A), Amanda Nussbaum (Tax), Andrea Rattner (Employee Benefits) and Daryn Grossman (Intellectual Property); and associates Michael Ellis and Marjan Elbaum (M&A), Stephen Brecher (Employee Benefits) and Annie Kim (Tax).
