Flowers Foods (FLO) to Acquire Lepage Bakeries for $370M

May 31, 2012 7:32 AM EDT
Flowers Foods, Inc. (NYSE: FLO) has entered into a definitive agreement to acquire Lepage Bakeries, Inc., of Auburn, Maine for $370 million in cash and stock. Flowers expects to complete the transaction in its fiscal second quarter, pending necessary regulatory approvals.

The deal is expected to add $0.03 to $0.05 to Flowers' earnings per share in FY2012, excluding acquisition costs and $0.08 to $0.12 to earnings per share in FY2013.

The cash component of the transaction will be funded with a combination of cash on hand and existing credit facilities. The transaction is subject to customary conditions, including receipt of required regulatory approvals.

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