Seneca and Allens terminate merger talksThis article was originally published in Foodnews
FRUIT and vegetable processing firm Seneca Foods and canned and frozen vegetable producer Allens have announced that merger negotiations between the two companies have been terminated. Seneca and Allens issued a joint statement in late July saying that they had signed a memorandum of understanding that contemplated a merger ( FOODNEWS 5 August ). Completion of the transaction was subject to the negotiation and execution of a definitive agreement between the two companies, along with customary closing conditions and satisfactory completion of due diligence, the release stated. At Seneca Foods’ annual meeting in August, the company said it expected to complete the merger within 60-90 days. Once completed, Allens would become a subsidiary of Seneca Foods, officials said. Terms of the proposed merger were not disclosed. Seneca Foods is the largest processor of canned fruits and vegetables in the US.