Private-brand maker TreeHouse Foods sells for $2.9B

Core Viewpoint - TreeHouse Foods Inc. is set to be acquired by Industrial F&B Investments III Inc. in an all-cash deal valued at approximately $2.9 billion, highlighting the ongoing consolidation in the private-label snacking and beverage sector [1]. Group 1: Acquisition Details - The acquisition agreement stipulates that TreeHouse shareholders will receive $22.50 per share in cash, along with a non-transferable contingent value right for each share, which may yield additional proceeds from ongoing litigation related to TreeHouse's coffee business [2]. - The offer represents an equity value of about $1.2 billion, reflecting a 38% premium over TreeHouse's closing share price on September 26, the last trading day before acquisition discussions were reported [3]. - The transaction has been unanimously approved by TreeHouse Foods' board of directors and is expected to close in the first quarter of 2026, pending necessary shareholder and regulatory approvals [3]. Group 2: Stakeholder Support and Future Operations - JANA Partners LLC, a significant shareholder holding approximately 10% of TreeHouse's common stock, has agreed to vote in favor of the acquisition, indicating strong support from key investors [4]. - TreeHouse Foods' leadership anticipates that the acquisition will bolster its focus on private-label snack and beverage products, while the company will continue to operate independently within Investindustrial's portfolio post-acquisition [4].