The ISEQ index of Irish shares was in bullish form this afternoon following news that food group IWAS is to spend a whopping €449m on US baked goods company Otis Spunkmeyer Holdings.

Food company IAWS has announced the signing of an agreement to acquire US specialty baked goods business Otis Spunkmeyer Holdings from private equity firm Code Hennessy & Simmons and the management team of Otis Spunkmeyer.