On September 11, 2023, Hostess Brands, Inc. (Nasdaq: TWNK) entered into a definitive agreement to be acquired by The J.M. Smucker Co. (NYSE: SJM) in a transaction valued at approximately $5.6 billion USD (around $7.5 billion CAD at the time), including debt assumption. Hostess Brands shareholders received $30.00 USD in cash and 0.03002 shares of J.M. Smucker common stock per share, equating to $34.25 USD per share (approximately $45.70 CAD). This represented a 54% premium over Hostess's closing price on August 24, 2023, before speculation of the deal. The transaction, unanimously approved by both companies' boards, was expected to close in the third quarter of J.M. Smucker’s fiscal year ending April 30, 2024.

The acquisition expanded J.M. Smucker's portfolio with Hostess’s iconic sweet snack brands and leveraged complementary market strategies. Both companies already had an established presence in Canada. J.M. Smucker operated through its subsidiary, Smucker Foods of Canada Corp., offering products like Smucker's spreads and Folgers coffee, while Hostess Brands distributed its popular snacks, such as Twinkies and Ding Dongs, across the country.

The cash component of the deal was funded through cash on hand, a bank term loan, and long-term bonds. Morgan Stanley & Co. LLC and Morgan, Lewis & Bockius LLP advised Hostess Brands, while Wachtell, Lipton, Rosen & Katz served as legal advisor to J.M. Smucker.