MANHATTAN (CN) — Campbell Soup announced Monday that it will buy Snyder’s-Lance for $4.87 billion in cash, saying acquiring the pretzels giant will help it expand in a booming market.
Rumors of the deal last week caused a stock-market boost for Charlotte, North Carolina-based Snyder’s-Lance.
Though the $50-a-share being offered Monday by Camden, New Jersey-based Campbell is a 6.8 percent premium to Snyder's-Lance's closing price Friday, it is a 27 percent premium to the stock's close last Wednesday.
Among the best-known brands of Snyder’s-Lance are Snyder's of Hanover, Kettle Brand and Pop Secret. Campbell Soup will include the company in a division that makes Pepperidge Farm and Goldfish crackers.
News of the deal comes after news of another snack merger Friday: The Hershey Co. is acquiring Amplify Snack Brands for $1.2 billion.
Founded in 2014, Austin, Texas-based Amplify makes Skinny Pop popcorn, Tyrrells potato chips and Oatmega protein bars.
Though the deal is not expected to close until the first quarter of 2018, premarket trading saw shares in Amplify jump more than 70 percent from the closing price of $7 Friday to nearly $12.
Amplify has about 600 employees. Under the terms of the deal, Hershey will acquire all outstanding stock of Amplify for $12 per share in cash.Follow @bleonardcns
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