MARION, N.Y., Dec. 17, 2013 /PRNewswire/ -- Seneca Foods Corporation (the "Company") (NASDAQ: SENEA, SENEB) today confirmed that it has entered into an Asset Purchase Agreement (the "Purchase Agreement") to acquire substantially all the operating assets of Allens, Inc. ("Allens") for a purchase price of approximately $148.0 million, subject to a working capital adjustment, plus the assumption of certain liabilities. The transaction is expected to be consummated through a court-supervised process under Section 363 of the U.S. Bankruptcy Code and is subject to an auction and Bankruptcy Court approval. On October 28, 2013, Allens filed a petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Arkansas in Fayetteville, Arkansas. The Purchase Agreement with the Company will serve as the "stalking-horse bid" in the auction process. Allens will be seeking Bankruptcy Court approval of Seneca's Asset Purchase Agreement as the stalking horse bid and certain bid procedures at a hearing in the near future. If the Company is ultimately successful in its acquisition of these assets, they will fit with the Company's long-term growth objective to expand its line of canned vegetable offerings to include sweet potatoes, southern vegetables, and broaden its offerings of dry beans and spinach. Miller Buckfire & Co., LLC, a Stifel Company, is serving as the Company's investment banker. Jaeckle Fleischmann & Mugel, LLP and Wright, Lindsey & Jennings LLP are serving as legal advisors. Forward-Looking Information The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words "will", "believes," "expects," "anticipates" or similar expressions) with respect to various matters.