April 11/Philadelphia/The Associated Press -- A Georgia food company announced a $34.4 million cash deal to acquire Tasty Baking Co., the iconic maker of Tastykakes and other packaged sweets that earlier this year was forced by financial difficulties to explore a merger or sale.
Thomasville, Ga.-based Flowers Foods Inc., which makes breads, buns, rolls, snack cakes, pastries and tortillas, is paying $4 a share for Tasty Baking's 8.6 million shares outstanding. The price is more than double Tasty Baking's closing price Friday of $1.61 a share.