Bakery company Flowers Foods Inc said it plans to buy Tasty Baking Co for about $4 a share in an all-cash deal that bails out the debt-laden maker of Kandy Kakes. The price represents a premium of 248 percent to Tasty Baking's closing share price on Friday. Flowers, which owns the Nature's Own brand, will pay about $165 million for Pennsylvania, Philadelphia-based Tasty Baking, including debt of around $90 million, according to Thomson Reuters data. In January, Tasty Baking -- which had a market value of about $13.8 million before the deal was announced -- said it was looking at various strategic options, including a possible sale of the company after facing a liquidity crunch.
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