- Jelly maker J.M. Smucker is buying Twinkie owner Hostess Brands for $5.6 billion, or $34.25 a share.
- Hostess shareholders will receive $30 in cash and .03002 shares of Smucker’s stock for each share of Hostess that they owned.
- Smucker has also agreed to assume Hostess’s debt. The deal is expected to close in Smucker’s fiscal third quarter, which ends in January.