Sovos Brands’ stockholders have granted their consent for the £2.7 billion acquisition of the company by Campbell Soup.
Sovos’ shareholders have overwhelmingly supported Campbell’s acquisition of Sovos Brands’ outstanding shares at a price of $23.00 per share in cash. An impressive 92.38% of the total outstanding shares participated in the vote, and an overwhelming 99.99% of those votes were in favor of the proposal.
Sovos Brands’ lineup comprises well-known brands, including Rao’s, Michael Angelo’s, and Noosa. These brands are known for producing a variety of products, including pasta sauces, soups, and frozen pizzas.
FoodBev initially reported on the agreement when it was first announced in August. Mark Clouse, the President and CEO of Campbell’s, expressed his excitement, stating that he was “delighted” to “welcome the highly skilled employees” from Sovos Brands.
Todd Lachman, the Founder, President, and CEO of Sovos, expressed confidence in the agreement, affirming his belief in Campbell’s capacity to expand the reach of their products to more households and to continue building upon their history of growth and success in the years ahead.
The completion of the transaction is contingent upon meeting several closing conditions, including regulatory approval. Sovos anticipates that the transaction will conclude in the fourth quarter of 2023.