The Westerra Dispatch for June 2026. Monthly food, beverage & agribusiness intelligence that moves deals forward. In this addition find out why M&A markets are back, but not for everything, the great ingredients breakup: why $20B+ of assets are in motion, and the prior months transactions and top stories across food, beverage & agribusiness.

Ingredion has agreed to acquire Tate & Lyle in an all-cash transaction valued at approximately £2.7 billion equity value ($3.6–$3.7 billion) and roughly £3.7–£3.8 billion enterprise value ($5.0 billion EV), including debt. Tate & Lyle shareholders will receive 595p/share in cash plus up to 20p/share in dividends, representing roughly a 59–64% premium to the unaffected share price.

Smithfield Foods has agreed to buy Nathan’s Famous in a deal valued at about $450 million, marking a major shift in ownership for the iconic hot dog brand that traces its roots back to Coney Island in 1916. Under the terms of the agreement, Smithfield will pay $102 per share in cash for all outstanding Nathan’s stock, a price that represents a modest premium over recent trading levels and brought the target’s shares up sharply when the news broke. The transaction is expected to close in the first half of 2026 after regulatory and shareholder approvals.