David BurrowsThe owner of the crisp brand Tyrrells is close to being taken over by candy firm Hershey in a £1.2bn deal, according to a report from CNBC.
UK-based Amplify Snack Brands, which itself bought Tyrrells for £300m last year, is thought to have become a target of Hershey.
Hershey is the US company which makes Reese’s Peanut Butter Cups and Hershey’s Kisses. The prospective takeover values Amplify at £8.98 a share, a 71% premium to Friday’s closing price.
The deal would represent a big move for Hershey boss Michele Buck, who only took up her role this year.
High-growth business
Tyrrells, the up-market crisp maker, which was founded on a Herefordshire farm in 2002, has seen revenues soar since it was taken over by Bahrain-based investment company Investcorp three years ago.
It was sold to Amplify when revenues stood at £84m as global sales of the crisps were on the up.
Amplify, best known for its SkinnyPop brand in the US, is a major player in the snacking category in the US.
The Tyrrells stable of products include potato, vegetable and crinkle cut crisps and premium popcorn.