CHARLOTTE, N.C. (AP) — Snyder’s-Lance is buying Diamond Foods in a cash-and-stock deal valued at about $1.27 billion, adding to the company’s list of healthier snacks.
Diamond owns Emerald snack nuts and Diamond of California culinary nuts, as well as Kettle Brand potato chips, Pop Secret popcorn. Snyder’s-Lance owns Snyder’s of Hanover and Cape Cod.
Shareholders of Diamond Foods Inc. will receive 0.775 Snyder’s-Lance shares and $12.50 in cash per share. The transaction also includes approximately $640 million in debt.
Diamond Foods stockholders will own approximately 26 percent of the combined company.
Snyder’s-Lance Inc., based in Charlotte, North Carolina, estimates there being $75 million in annual cost savings.
Both companies’ boards have approved the deal, which is expected to close early next year. It still needs approval from shareholders of both companies.
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.