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Investing.com -- Hershey, the well-known chocolate and confectionery manufacturer, is reportedly close to finalizing a deal to acquire the popcorn brand LesserEvil for approximately $750 million. This information comes from the Wall Street Journal, citing sources familiar with the negotiations, who suggest that an announcement could be imminent, provided there are no unexpected complications in the final stages of discussion.
LesserEvil had recently engaged financial advisors to explore the possibility of selling its business. The company produces a variety of snack products, all of which are made using ingredients that are touted as healthier alternatives. Among the offerings from LesserEvil are popcorn prepared with avocado oil, "space balls" which are a healthier version of cheese balls, and organic onion-flavored corn rings, a healthier take on the popular snack Funyuns.
The acquisition of LesserEvil would represent a relatively minor transaction for Hershey, which currently has a market value of approximately $33 billion. So far this year, Hershey’s share price has seen a decrease of about 3%. The deal with LesserEvil is in line with Hershey’s strategy to diversify its portfolio and enhance its presence in the better-for-you snack category.
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