Apr 25, 2017

Tyson Foods is paying $4.2 billion for sandwich maker

Source: Giphy

Tyson Foods on Tuesday announced an agreement to acquire Ohio-based packaged sandwich company AdvancePierre Foods for around $4.2 billion, or $40.25 per share in cash (9.8% premium on Monday's closing price). Sellers include Oaktree Capital Management, which holds around a 42% of AdvancePierre's common stock and said that it will support the transaction.

Not done yet: This is really the first in a two-step process for Tyson Foods, which announced just yesterday that it will refocus on its core proteins biz by selling off its three non-protein brands (Sara Lee Frozen Bakery, Kettle and Van's).

Big price: AdvancePierre shares had climbed 33.2% so far in 2017, prior to the premium being paid by Tyson. Moreover, the $40.25 per share sale price is nearly double the $21 per share where AdvancePierre went public just seven months ago.

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Trump and Zuckerberg share phone call amid social media furor

Photo: Alex Wong/Getty Images

In the week that President Trump took on social media, Axios has learned that he had a call Friday with Facebook CEO Mark Zuckerberg that was described by both sides as productive.

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Twitter, Google lead chorus of brands backing George Floyd protests

Illustration: Lazaro Gamio/Axios

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Jacob Knutson

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NYPD commissioner: "I'm extremely proud" of officers' response to protests

New York City Police Commissioner Dermot Shea in February. Photo: Yana Paskova/Getty Images

New York City Police Commissioner Dermot Shea said in a public statement Sunday that he is "extremely proud" of the New York City Police Department's response to protests over the death of George Floyd Saturday night, writing: "What we saw in New York City last night and the night before was not about peaceful protest of any kind."

Why it matters: New York City residents captured several instances of police officers using excessive force against demonstrators. In one video, two NYPD SUVs are seen ramming into protesters who were blocking a road and throwing traffic cones at the vehicles.

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