Smucker acquires Big Heart Pet Brands

According to various reports, the US company J.M. Smucker Co. is set to acquire the US firm Big Heart Pet Brands, whose brands include Milk-Bone and Kibbles ’n Bits, for $3.2 bn. Big Heart was known as Del Monte Corp. before the sale of its fruit and vegetable products in 2014. Shareholders of the holding company of Big Heart Pet Brands will receive approximately 17.9 million shares of Smucker common stock and $1.3 bn in cash, said the company.