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Tyson Foods (TSN US) | AdvancePierre (APFH US)[/td_block_text_with_title][td_block_text_with_title custom_title=”Acquirer”]From the Great Depression in 1931, Springdale, AR-based Tyson Foods grew from a small Midwest chicken hatchery to one of the world’s largest fully-integrated producer, processor and marketer of chicken, beef and pork and a large player in the prepared foods segment.[/td_block_text_with_title][td_block_text_with_title custom_title=”Target”]Cincinnati, OH-based AdvancePierre Foods manufactures and distributes ready-to-eat sandwiches, sandwich components, and other entrées and snacks. AdvancePierre is the combined company of the merger of Pierre Foods, Advance Food Company and Advance Brands in 2010.[/td_block_text_with_title][td_block_text_with_title custom_title=”Target IPO HIstory”]Target IPO History
On 7/15/2016, AdvancePierre Foods launched on NYSE led by Barclays, Credit Suisse and Morgan Stanley. The stock was priced at $21.00 per share, within expected price range of $20.00 – $23.00/share. With a full subscription of 18.6 million offered shares and the 15% over-allotment option fully exercised, the company was valued at $1.65 billion at offer. AdvancePierre opened at $23.50/share, a 11.9% pop from its offer price, and closed at $24.00/share with a 14.29% initial return. Howard Mark’s hedge fund Oaktree Capital held 57.18% of AdvancePierre’s stake after the offering. AdvancePierre Foods was included in the IPOX® U.S. 100 Portfolio on 9/16/2016.[/td_block_text_with_title][td_block_text_with_title custom_title=”M & A History”]M & A History
Tyson Foods announced to buy AdvancePierre Foods for $40.25 per share on 4/25/2017. The offer price represented a 9.76% premium to AdvancePierre’s previous close. The total enterprise value of the transaction was approximately $4.2 billion. The acquisition of AdvancePierre Foods was completed on 6/7/2017 and Tyson Foods was included in the IPOX® U.S. 100 Portfolio on 6/8/2017.[/td_block_text_with_title][td_block_text_with_title custom_title=”Historical Performance”][/td_block_text_with_title][vc_single_image image=”789″ img_size=”full” alignment=”center” onclick=”link_image”][td_block_text_with_title custom_title=”Industry Comparison”][/td_block_text_with_title][vc_row_inner el_class=”tablescroll”][vc_column_inner el_class=”tablescroll”][vc_column_text el_id=”tablescroll”][table id=1 /][/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row]