J.M. Smucker to buy Twinkie maker Hostess for $5.6 billion

Details: Smucker is paying $35.25 per share in cash and stock, which represents a 59% premium to where Hostess shares were trading before recent news reports about the sale process.

• The purchase price includes around $900 million of net debt, and works out to an adjusted EDBITDA multiple of 17.2x.
• Hostess brands include Twinkie, Ding Dongs, Ho Hos, CupCakes, Snoballs, Fruit Pies and Cloverhill Bakery.

Bottom line: Strategics have been active in the snack space, scooping up brands that can help complement their portfolios, says Axios Pro's Kimberly Chin.