MARION, N.Y. (AP) -- Seneca Foods Corp. and Allens Inc. say they plan to combine in a stock-for-stock deal if they can negotiate a final agreement.
The companies said Friday they signed a memorandum of understanding that contemplated a merger. The companies announced the tentative agreement in a one-paragraph statement after the close of markets. It offered few details of what a merger might look like.
The deal would need approval of regulators, shareholders and lenders "and satisfactory completion of due diligence."
Privately held Allen, based in Siloam Springs, Ark., processes food for private labels and Allens, Veg-All and other brands.
Seneca Foods processes canned fruits and vegetables sold under brands including Libby's, Green Giant and private labels. It earned $16.8 million on revenue of $1.19 billion in its last fiscal year.
