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.
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."
Snyder's-Lance will become part of Campbell's global biscuits and snacks division which includes brands like Goldfish crackers and Milano cookies.
Credit Suisse and Rothschild were financial advisers to Campbell Soup, while Goldman Sachs and Deutsche Bank worked with Snyder's-Lance.
Campbell Soup is buying the snack maker Snyder's Lance for $50 per share in an all-cash deal. Read Full Story
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