BUZ INVESTORS PRESS RELEASE Tyson Foods to acquire AdvancePierre Foods Tyson Foods, Inc. (TSN) (“Tyson”) and AdvancePierre Foods Holdings, Inc. (NYSE:APFH) (“AdvancePierre”) today announced that they have entered into a definitive merger agreement p

Tyson Foods to acquire AdvancePierre Foods Holdings for $4.2 bln

Tyson Foods to Acquire AdvancePierre Foods for $40.25 Per Share in Cash

Strategic Acquisition Expands Tyson Foods’ Portfolio of Prepared Foods and Protein-Packed Brands, Contributing to Sustainable, Long-Term Growth


Transaction Expected to be Immediately Accretive to Tyson Foods’ EPS, Further Enhanced Over Time by Targeted $200 Million in Cost Synergies

BUZ INVESTORS PRESS RELEASE  Tyson Foods to acquire AdvancePierre Foods Tyson Foods, Inc. (TSN) (“Tyson”) and AdvancePierre Foods Holdings, Inc. (NYSE:APFH) (“AdvancePierre”) today announced that they have entered into a definitive merger agreement pursuant to which a subsidiary of Tyson will launch a tender offer to acquire all of AdvancePierre’s outstanding common shares for $40.25 per share in cash.  This strategically compelling transaction provides a unique opportunity to create value by joining highly complementary market-leading portfolios.

The total enterprise value of the transaction, which has been approved by the Boards of Directors of both companies, is approximately $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt.  The offer price represents a 31.8 percent premium to AdvancePierre’s closing price on April 5, 2017, the most recent unaffected trading day, and a 41.6 percent premium to the company’s 60-day volume-weighted average trading price ending on April 5, 2017.

Tyson Foods to acquire AdvancePierre Foods


Funds affiliated with Oaktree Capital Management, L.P. (“Oaktree”), which own approximately 42 percent of the outstanding shares of AdvancePierre common stock, have entered into a tender and support agreement pursuant to which those funds have agreed to tender their AdvancePierre shares pursuant to the tender offer.

Tyson President and CEO Tom Hayes said, “We are very pleased to announce this combination with AdvancePierre.  The AdvancePierre leadership team has created significant value through the implementation of a new business management model, focus on quality and service and attention to the growth opportunities in convenience foods.  The addition of AdvancePierre aligns with our strategic intent to sustainably feed the world with the fastest growing portfolio of protein packed brands.  This transaction will provide an attractive current premium to AdvancePierre shareholders as well as significant ongoing benefits to Tyson shareholders and the customers and team members of both companies.  We are always prudently evaluating opportunities to leverage our strengths to drive future growth, whether by divesting non-core, non-protein focused assets – as announced yesterday – or by acquiring companies like AdvancePierre that enhance our capabilities in growing categories.  We believe that AdvancePierre and Tyson are a natural strategic fit and together will accelerate growth for customers by delivering on-trend, high quality products consumers love.  We look forward to welcoming AdvancePierre’s dedicated team members to the Tyson family.”

AdvancePierre President and CEO Christopher D. Sliva said, “We couldn’t be more delighted to join Tyson.  By combining our complementary, market-leading portfolios, both companies will realize greater opportunities.  This combination will allow AdvancePierre to accelerate its growth and broaden its distribution network by leveraging Tyson’s existing distribution infrastructure and go-to-market capabilities.  Importantly, the transaction also offers compelling and certain value for our shareholders and will provide long-term benefits for our team members and customers.”

Compelling Strategic and Financial Rationale

  • Joins market leaders with complementary product portfolios.  AdvancePierre is a leading national producer of ready-to-eat lunch and dinner sandwiches, sandwich components and snacks, with product categories that are complementary to Tyson’s current offerings.  This acquisition will further Tyson’s strategic intent to sustainably feed the world with its fast-growing portfolio of protein-packed brands.
  • Furthers Tyson’s leadership in prepared foods segment.  AdvancePierre’s product portfolio fits well with Tyson’s strategy to expand its fresh prepared foods offering for both out-of-home and in-home eating occasions. The collective portfolio of sandwiches, sandwich components, entrees and snacks will extend Tyson’s core strength into the fast-growing convenience and retail perimeter with solutions that span all-day parts.  The Barber Foods® brand of value-added chicken products has a strong heritage in both retail and foodservice channels and we look forward to building upon its foundation of quality.
  • Enhances Tyson’s financial profile.  The acquisition is expected to be immediately accretive to Tyson’s earnings per share on both a GAAP and cash basis, excluding one-time costs.  Based on the most recent filings by both companies, the combined initial net debt to adjusted EBITDA ratio would be approximately 2.7x, which Tyson expects to be reduced steadily by its strong cash flow, including any divestiture proceeds, supporting Tyson’s commitment to its investment-grade credit profile.
  • Creates significant cost and revenue synergies.  Tyson expects the transaction will result in cost synergies of approximately $200 million, to be fully realized within three years.  Cost synergies will be created by a consolidated manufacturing footprint, procurement efficiencies, distribution network consolidation, and addressing redundant sales and marketing functions and duplicative corporate overhead.  Tyson also sees the opportunity to utilize high-quality raw materials from the fresh meats division to drive growth and efficiency.  The transaction is expected to generate revenue synergies over time by utilizing Tyson’s product innovation platform and portfolio of brands to drive growth across AdvancePierre’s leading sandwich, entrée, and snack categories.

Financing Structure

The transaction is not subject to a financing condition.  Tyson has secured committed bridge financing from Morgan Stanley Senior Funding, Inc. to complete the transaction and retire AdvancePierre’s debt.  The tender offer will be subject to customary conditions, including the tender of a majority of the outstanding AdvancePierre shares pursuant to the offer and receipt of required regulatory approvals and is expected to close in the third quarter of Tyson’s fiscal 2017.


Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Tyson and Davis Polk & Wardwell LLP is serving as Tyson’s legal advisor.  Credit Suisse Securities (USA) LLC and Moelis & Company LLC are serving as financial advisors to AdvancePierre and Skadden, Arps, Slate, Meagher & Flom LLP is serving as AdvancePierre’s legal advisor.  Latham & Watkins LLP is serving as Oaktree’s legal advisor.

Transaction Conference Call and Webcast Information

Tyson Foods will host a conference call today, April 25, at 8:30 a.m. Eastern Time.

Participants are encouraged to pre-register for the conference call using the following link:  http://dpregister.com/10106157.

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the operator.  Participants may pre-register at any time, up to and including after the call has started.

Those without internet access or who are unable to pre-register may dial in by calling:

U.S. Toll Free: 1-844-890-1795
International Toll: 1-412-717-9589

To listen to the live webcast or an archived replay and view accompanying slides, go to the company’s investor website at http://ir.tyson.com. The webcast also can be access by using the direct link http://event.on24.com/wcc/r/1415215/1709C4519FD67506338F79562BBDF3EF.

A telephone replay will be available until May 25 at:

U.S. Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 10106157

The live webcast and audio replay also will be available on the company’s investor relations app.  To download the free app, which offers access to SEC filings, news releases, transcripts, webcasts and presentations, please visit the App Store for iPhone and iPad or Google Play for Android mobile devices.

Buz Investors Alphabet Game Changer (NASDAQ:GOOG) just announced a potential game changing move that could vault the stock price toward the $1,000 level within the next two years or sooner.

Google Stock: Alphabet Game Changer Could Translate into 42% Gain

GOOG Stock on Target for Major Move

Buz Investors Alphabet Game Changer <span data-recalc-dims=(NASDAQ:GOOG) just announced a potential game changing move that could vault the stock price toward the $1,000 level within the next two years or sooner." width="300" height="209" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/Google-Stock-300x209-Small.jpg?resize=300%2C209 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/Google-Stock-300x209-Small.jpg?w=689 689w" sizes="(max-width: 300px) 100vw, 300px" />

Buz Investors  Alphabet Game Changer  (NASDAQ:GOOG) just announced a potential game changing move that could vault the stock price toward the $1,000 level within the next two years or sooner.

While Alphabet has some of the world’s top engineers and is progressing rapidly in its key artificial intelligence (AI) segment that could eventually control many of the devices in everyday life, something just happened that could really pay huge dividends for Google stock.


 Alphabet Game Changer


Most of you have probably been on Alphabet’s “YouTube” web site. If you are like me, you’ll think that the platform is amazing, broadcasting almost anything you want to watch.

The service will cost users $35.00 per month, which is in line with what AT&T Inc. (NYSE:T) charges for its “DirecTV Now” streaming TV service. Yet the initial rollout of YouTube TV will encompass only 40 TV channels, versus more than 100 channels for DirecTV Now.

And while the new service will likely not challenge Netflix, Inc. (NASDAQ:NFLX), given the current format and price point, YouTube will try to reach out to the millions of people who currently pay for overpriced cable TV service. This could be a massive move by Alphabet if it can swing cable subscribers to its cheaper service.


Tech Stocks ( GOOG)   (MSFT ) ( AAPL ) (BBRY ) ( gopro )  ( WDC )

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