Seneca Foods To Acquire Operating Assets Of Allens For Approx. $148.0 Mln

(RTTNews) - Seneca Foods Corp. (SENEA, SENEB) confirmed that it has entered into an Asset Purchase Agreement to acquire substantially all the operating assets of Allens Inc. for a purchase price of approximately $148.0 million, subject to a working capital adjustment, plus the assumption of certain liabilities.

The transaction is expected to be consummated through a court-supervised process and is subject to an auction and Bankruptcy Court approval. On October 28, 2013, Allens filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code. The Purchase Agreement with Seneca Foods will serve as the "stalking-horse bid" in the auction process.