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Snyder's-Lance to Acquire Diamond Foods for Over $1 Billion

Snyder's-Lance to Acquire Diamond Foods for Over $1 Billion


CHARLOTTE, NC
Wednesday, October 28th, 2015

Snyder's-Lance is increasing its portfolio of healthy snacks with this new agreement to acquire Diamond Foods in a $1.27 billion deal.

Diamonds Foods Products

Diamond, owner of Emerald snack nuts, Kettle Brand potato chips, and Pop Secret popcorn, now joins Snyder’s-Lance’s Snyder's of Hanover and Cape Cod in an acquisition that analysts say is valued at over 1.9 billion dollars.

Brian J. Driscoll, President and CEO, Diamond Foods"The combination of Diamond and Snyder's-Lance provides the opportunity to create significant value for our stockholders and offers immediate benefits for consumers," said Brian J. Driscoll, President and Chief Executive Officer of Diamond Foods. "We expect the transaction will provide us with greater resources to further develop new product innovation and broaden our geographic reach and route to market across complementary customer bases.”

According to ABCNews, Diamond Foods shareholders will now receive 0.775 Snyder's-Lance shares and $12.50 in cash per share due to the deal. Diamond Foods stockholders will own about 26 percent of the combined company once the transaction closes. The transaction also includes approximately $640 million in debt.

Carl E. Lee Jr., President and CEO, Snyder's-Lance"We will have an opportunity to grow internationally with Diamond's existing European platform, bringing unique products to consumers in that market," Snyder's-Lance President and CEO Carl E. Lee Jr. said in a written statement.

According to ABCNews, Snyder’s-Lance estimates the deal will lead to $75 million in annual cost savings, and expects the transaction to immediately add to its 2016 annualized earnings.

While both companies' boards and neithers’ shareholders have yet to approve the deal, they expect to have everything agreed upon by early next year. Once the transaction is complete, Diamond Foods President and CEO Brian Driscoll will join the Snyder's-Lance board.

Snyder's-LanceDiamond Foods



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In This Story


Snyder’s-Lance, Inc., (Nasdaq-GS: LNCE) headquartered in Charlotte, North Carolina, manufactures, markets and distributes snack foods throughout the United States and internationally.

San Francisco-based Diamond Foods is an innovative premium snack food and culinary nut company focused on building and energizing brands including Kettle Brand® Chips, Emerald® snack nuts, Pop...