Share Price
The price of Tastykake stock collapsed in early 2011, falling from a closing price of $6.43 on January 4, closing at $4.05 the next day. This decline, of about one-third the share price, was accompanied by a spike in trading (from about 5,000 shares on January 4, to almost 1,000,000 the next day). This move came after a 7.4% drop in company sales during the preceding quarter of 2010. The next week, speculation in financial circles indicated Tastykake had failed to realize the projected savings of moving to the new factory.
On April 11, 2011, media reports indicated Tastykake's leadership agreed to sell the company to Flowers Foods, of Thomasville, Georgia, for $34 million in cash, or about $4 per share. (Tastykake stock closed at $1.61 per share at the end of the previous trading day.)
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