(Reuters) - Hershey Co (HSY.N), the maker of Reese’s Peanut Butter Cups and Hershey’s Kisses, is nearing a deal to buy SkinnyPop parent Amplify Snack Brands (BETR.N) for $1.6 billion, CNBC reported on Monday.
The deal, which could be announced as early as Monday, would value Amplify at $12 a share, a 71 percent premium to Friday’s closing price, CNBC added, citing sources familiar with the matter.
Global food manufacturers have been struggling with weakening growth as consumers seek healthier foods. Pennsylvania-based Hershey has been boosting its portfolio in snacks, which are typically lower-margin products than candy.
Just over a year ago, The U.S. candy maker had spurned a $107 per share takeover offer from Mondelez.
Hershey’s and Amplify were not immediately available for comment outside regular U.S. business hours.
Reporting by Parikshit Mishra in Bengaluru; Editing by Sunil Nair