Hain to Buy Celestial Seasonings

NEW YORK--Hain Food Group Inc. has announced it will acquire Celestial Seasonings Inc. for $382 million in stock. The boards of both companies have approved the deal and an official announcement is expected very soon.

As part of the merger, 1.265 Hain shares will be traded for each share of Celestial. Stocks of both companies are doing well; Hain's stock has risen 44 percent during the past three months, Celestial has risen 39 percent in that same time period.

The newly merged company will be called Hain Celestial Group Inc. Hain's present chairman, chief executive officer and president, Irwin Simon, will retain his positions. Celestial Seasonings' president, Mo Siegel, will serve as vice chairman and will join Hain's board along with two others from Celestial.