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US: Seneca Foods merger spoils

Seneca Foods Inc.'s merger talks with packaged vegetables rival Allens Inc. have been called off. Marion, Wayne County-based Seneca Foods announced in July it had signed a memorandum of understanding with Allens as the two talked about combining. Terms of the proposed deal weren't disclosed.

But those talks apparently bore no fruit, as Seneca announced Friday that the two companies had ended negotiations. It gave no details. Arkansas-based Allens is the home of such brands as Popeye Spinach and Freshlike. Seneca is noted for brands including Libby's and Diamond. It also does packing work for Green Giant. Seneca Foods' shares fell $1.58, or 7 percent, closing Friday at $21.61. The stock is down 20 percent this year.


Source: democratandchronicle.com

Publication date: 9/6/2011


 


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