Grazie. The board of Sovos Brands, maker of Rao’s pasta sauce, may have used that term after cutting a deal to sell the company to Campbell Soup for $2.7 billion. Campbell, based on its goal of growing its sauces business to $1 billion, would naturally answer with the name of its famous brand: Prego, or “You’re welcome.”
The deal will see Campbell pay $23 a share for Sovos, a 28% increase over Friday’s closing price of $18. Since the deal was announced on Monday morning, Sovos shares jumped 25% to $22.62 in midday trading, while Campbell’s stock price is flat at $44.67 after initially shooting up shortly after market open.
