Kelly's Bakery Acquired by Brent Holdings

Kelly's Bakery and Brent Holdings announced today that they have reached an agreement under which Brent will acquire Kelly's for approximately $2.1 billion, or $150 per share. The agreement was approved by the bakery chain's board of directors with a unanimous vote.

"Kelly's is one of the most successful bakery chains in the world," said Kelly Belson, founder and CEO of Kelly's Bakery. "In over twenty years as a publicly traded company, we have created great shareholder value. We are pleased to join with Brent to continue to serve our customers, employees, and franchise owners."

The transaction is expected to be completed during the third quarter of this year. It remains subject to the approval of Kelly's Bakery shareholders.