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.
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.