Pinnacle Foods Buys Boulder Brands For $710M

Pinnacle Foods is buying Boulder Brands for about $710 million in a move that adds a line of health and wellness food brands to Pinnacle's offerings that include Birds Eye frozen foods, Duncan Hines frosting and cake mixes.

The buyout comes as food producers try to meet changing consumer tastes, which trend toward healthier offerings.

Boulder Brands, based in Boulder, Colorado, makes Smart Balance as well as brands including Udi's, Glutino gluten-free products.

Under the deal, Pinnacle will pay $11 per share, a 9.2 percent premium to Boulder Brands' closing price on Tuesday. The deal also involves about $265 million in debt.

The deal is expected to close in the first quarter of 2016.