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If the deal is consummated, Ferrara Pan -- currently valued at $400 million -- would sell a majority stake to Farley's. Salvatore Ferrara II, CEO of Ferrara Pan, would become CEO of the combined company, the news outlet stated.
However, the deal could still fall through. Farley's CEO Liam Killeen declined to comment when reached by the newspaper. It's unknown what Killeen's role with the new company would be.
Farley's is owned by private equity firm Catterton Partners Corp. and has about $615 million in sales, according to the news outlet.
Word of the possible merger follows news that Ferrara Pan Chairman Nello Ferrara, father of Salvatore, passed away Feb. 3.