Post Holdings’ pending acquisition of Bob Evans Farms moved closer to completion on December 4, the companies announced.
According to a press release jointly issued by the two companies, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to the planned acquisition expired, and the expiration of the waiting period satisfies one of the closing conditions of the transaction.
The acquisition is expected to be finalized in January 2018, pending customary closing conditions and the approval from Bob Evans stockholders. A special meeting of Bob Evans stockholders is scheduled for January 9, 2018.
The companies in September announced Post Holdings’ intent to acquire Bob Evans Farms for $77 per share, or about $1.5 billion.
Reorganization to follow acquisition
Upon finalization of the acquisition, Post Holdings, the parent company of egg, potato, pasta and cheese business Michael Foods, will restructure the company so that Michael Foods’ retail business will be part of the Bob Evans unit, while Michael Foods will continue to oversee its current commercial foodservice operations.
Mike Townsley, currently the president and CEO of Bob Evans Farms, will lead the refrigerated retail business, which will include Bob Evans and the existing Michael Foods retail egg, potato and cheese business. Jim Dwyer, president and CEO of Michael Foods, will continue in his current role managing the commercial foodservice egg, potato and pasta business, which will now also include Bob Evans’ foodservice business.
Robert Vitale, CEO of Post Holdings, stated at the time that the new organizational structure will “facilitate growth and synergy realization, allowing each business to focus on their respective strengths and capabilities.”
Also, upon finalization of the transaction, Bob Evans common stock will no longer be publicly traded and will be delisted from the Nasdaq Global Select Market. Post Holdings is listed under the New York Stock Exchange.
Post Holdings acquired Michael Foods, the seventh largest egg company in the United States.
