The organic food company announced that General Mills (GIS) has acquired the company for $820 million. The deal is worth $46 per share in cash for Annie’s shareholders.
The company reported $204 million in food sales in the last fiscal year. However, Annie’s has struggled in 2014 with its stock falling 22% before today.
Annie’s CEO John Foraker issued a statement expressing his desire to join forces with another company that uses organic and natural ingredients in its products.
The partnership with General Mills will help Annie’s “to more rapidly and efficiently expand into new channels and product lines in a rapidly evolving industry environment,” he said.
BNNY stock is up about 37.8% Tuesday afternoon with shares selling at $46.15.
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