Smuckers shareholders to vote on Folgers deal

Jams and jellies maker J.M. Smucker Co. has set Oct. 16 as the date for its shareholders' meeting to seek approval of the issuance of the company's common shares as part of its proposed buyout of Folgers Coffee Co. from Procter & Gamble Co. in a $2.95 billion, all-stock deal.

Smucker said Thursday that shareholders of record at the close of business on Sept. 8 will be entitled to attend and vote at the special meeting. The company anticipates that proxy materials relating to the special meeting of Smucker shareholders will be mailed in mid-September.

In addition to Smucker shareholder approval, closing of the transaction is also contingent upon other closing conditions, which will be further described in the company's proxy materials relating to the special meeting.

The deal to buy Folgers, announced June 4, will nearly double Smucker's size. Folgers will become the 10th No. 1-ranked brand in the Smucker stable that includes its namesake jams, Eagle Brand condensed milk, Hungry Jack pancake mix and two earlier acquisitions from P&G, Jif peanut butter and Crisco cooking oil.