Philadelphia’s best known sweet tooth satisfier, Tastykakes, will no longer be locally owned.
Georgia-based Flowers Foods has announced a deal this morning to acquire Tasty Baking Co. Flower Foods will acquire all of the outstanding shares of Tasty Baking’s stock for 4.00 per share for approximately $165 million which includes Tasty Baking’s existing indebtedness, according to a press release.
The merger is expected to strengthen Flower’s snack cake business through the iconic Tastykake brand while also making Tastykakes available to 53 percent of the US population through Flower’s 4,000 independent distributors, Flower Foods said.
Interior of the Tastykake factory