Annie's Soars as General Mills Gobbles Up Organic Food Company

Shares of Annie's rocketed higher on Tuesday making it TheStreet's Move of the Day. The organic food processor jumped on news of its acquisition by General Mills. General Mills, owner of brands such as Cheerios and Betty Crocker, agreed to pay $46 a share in cash, around 37% higher than Monday's closing price and a 51% premium to the company's 30-day average close. The deal is worth approximately $820 million for small-cap Annie's. Last fiscal year, the company generated just over $200 million in sales, a 20% year-over-year increase. Shares of Annie's surged 37.6% to $46.10 a share on Tuesday.