OAK BROOK, Ill., Jan. 7, 2016 /PRNewswire/ -- TreeHouse Foods
(NYSE: THS) announced today that the required waiting period has
expired under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 ("HSR") in connection with the Company's previously announced
acquisition of ConAgra Foods' (NYSE: CAG) private brands business.
TreeHouse Foods today also announced that it has received an
Advance Ruling Certificate from the Competition Bureau Canada per
the Canadian Competition Act regarding the proposed acquisition.
The expiration of the waiting period under the HSR Act and the
Advance Ruling Certificate from the Competition Bureau Canada
satisfy the two governmental approval conditions to the closing of
the transaction.
As announced on November 2, 2015,
TreeHouse will meaningfully expand its presence in private label
dry and refrigerated grocery through the private brands
acquisition. The purchase price of $2.7 billion and related transaction expenses are
expected to be funded by a combination of $1.8 billion in new debt issuance and
approximately $1.0 billion in equity
stock issuance. TreeHouse has entered into a committed
financing arrangement with certain lenders as a backup for the
required financing.
TreeHouse Foods expects to market its equity and high yield
offerings on a basis that permits a closing of the transaction in
mid-February.
Lastly, the Company announced that it will host a live audio
webcast of its fourth quarter earnings results conference call
on Thursday, February 11, 2016 at 9:00 a.m.
EST. Management will discuss the results for the fourth
quarter 2015, the full year and its outlook for 2016. An
earnings release will be issued before the market opens on the same
date. The Webcast will last approximately one hour and will
be accessible by
visiting http://www.treehousefoods.com and by clicking on
"Investor Relations," "Investor Overview."
In order to listen to the Webcast, users will need to have
installed either Real Player or Windows Media Player software,
which can be detected and downloaded by visiting the site. A
Webcast replay will be available for one year following the event
within the "Investor Relations," "Earnings Call Archives" section
of the Company's website.
ABOUT TREEHOUSE FOODS
TreeHouse is a manufacturer of packaged foods and beverages with
24 manufacturing facilities across the
United States and Canada
that focuses primarily on private label products for both retail
grocery and food away from home customers. We manufacture a
variety of shelf stable, refrigerated and fresh products, including
pickles, soups, snacks, salad dressings, sauces, dry dinners, hot
cereals, single serve hot beverages and beverage enhancers.
We have a comprehensive offering of packaging formats and flavor
profiles, and we also offer natural, organic and preservative free
ingredients in many categories. Our strategy is to be the
leading supplier of private label food and beverage products by
providing the best balance of quality and cost to our
customers.
Additional information, including TreeHouse's most recent
statements on Forms 10-Q and 10-K, may be found at TreeHouse's
website, http://www.treehousefoods.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements."
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can generally be
identified by the use of words such as "may," "should," "could,"
"expects," "seek to," "anticipates," "plans," "believes,"
"estimates," "intends," "predicts," "projects," "potential" or
"continue" or the negative of such terms and other comparable
terminology. These statements are only predictions. The
outcome of the events described in these forward-looking statements
is subject to known and unknown risks, uncertainties and other
factors that may cause TreeHouse or its industry's actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. TreeHouse's Form 10-K for the year ended
December 31, 2014, and other filings
with the SEC, discuss some of the factors that could contribute to
these differences. You are cautioned not to unduly rely on
such forward-looking statements, which speak only as of the date
made, when evaluating the information presented in this press
release. TreeHouse expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein, to reflect any change
in its expectations with regard thereto, or any other change in
events, conditions or circumstances on which any statement is
based.
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SOURCE TreeHouse Foods