Bakery company, Flowers Foods, will buy Philadelphia-based Tasty Baking for about $34.4 million in cash, The Wall Street Journal reports. The deal also includes debt assumption, which increases the total value of the transaction to $165 million. Thomasville-based Flowers offered $4 a share for the maker of Tastykake pastries. The deal is expected to be completed by the second quarter of 2011.

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