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Fly News Breaks for December 19, 2017
HSY, BETR
Dec 19, 2017 | 08:37 EDT
Bernstein analyst Alexia Howard notes that Hershey (HSY) announced that it entered into a definitive agreement to buy Amplify Snack Brands (BETR) for about $1.6B, with the deal expected to close in Q1 FY18 and financed through cash and new debt. The analyst believes this deal appears to be a "reasonable strategic fit" for Hershey and will likely help the company diversify the business from confectionary into savory, better-for-you snacks. Howard also expects Hershey to leverage lessons learned from its past M&A activities to manage the Amplify brands prudently. He reiterates an Outperform rating and $124 price target on Hershey's shares.
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