Finance: Campbell Soup is buying snacks maker Snyder's-Lance for $4.87 billion

Campbell Soup is buying the snack maker Snyder's Lance for $50 per share in an all-cash deal.

Campbell Soup announced Monday that it had agreed to buy the snack maker Snyder's-Lance for $50 per share.

The all-cash deal is worth $4.87 billion. Campbell's offer represents a 27% premium to Snyder's closing price on Wednesday, a day before CNBC first reported that the company had hired an investment bank to consider a sale after being approached by Campbell.

Snyder's-Lance will become part of Campbell's global buscuits and snacks division. Campbell Soup made a push into the market for snacks as it struggled with declining soup sales.

The deal "will provide our consumers with an even greater variety of better-for-you snacks," said Campbell Soup CEO Denise Morrison, in a statement. "The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders."

Credit Suisse and Rothschild were financial advisers to Campbell Soup, while Goldman Sachs and Deutsche Bank worked with Snyder's-Lance.

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Campbell Soup is buying the snack maker Snyder's Lance for $50 per share in an all-cash deal. Read Full Story