Campbell Soup Co. said Monday will pay $50 a share in cash to acquire Charlotte-based snack maker Snyder's-Lance Inc. That puts the deal's value at $4.87 billion.
That's 27 percent more than Snyder's shares were worth last Wednesday, Dec. 13, the day before media reports about a possible purchase of the snack maker first surfaced.
In a joint statement Snyder's President and CEO Brian Driscoll said: "Following a thorough review process of strategic options, we believe this transaction maximizes value for our shareholders through an immediate and certain cash premium."
Campbell's President and CEO Denise Morrison added that the acquisition of Snyder's "will provide our consumers with an even greater variety of better-for-you snacks."
Snyder's brands include Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps and Pop Secret.
Snyder's has seen declining sales of late. In August the company reported profits had dropped 79 percent for the second quarter. Overall revenues, however, were up 3 percent.
RELATED LINKS
Dec. 18, 2017, Campbell Soup press release announcing the deal.
