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J.M. Smucker Co. (NYSE: SJM) will pay $1.9 billion in cash to acquire Ainsworth Pet Nutrition, a Pennsylvania pet food maker whose brands include Rachel Ray Dog Food, from shareholders like private equity firm Catterton Partners.

Why it's a big deal: Three makes a trend, and this is the third major U.S. food-maker to buy a pet-related business for the sake of revenue stream diversification (General Mills/Blue Buffalo and Mars/VCA).

  • Smucker also confirmed that it is exploring a sale of its bakery business, which includes Pillsbury.

More from Bloomberg: "Smucker is coping with a consumer shift away from longstanding supermarket staples, a trend that contributed to a sales decline last year. In this tough environment for human fare, dog and cat food has been a bright spot -- especially as Americans increasingly treat their animals like family members."

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Campaigning for Joe Biden at a car rally in Miami on Saturday, Barack Obama railed against President Trump's response to the coronavirus pandemic, saying "the rest of us have to live with the consequences of what he's done."

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