ASHLAND — The Campbell Soup Company (NYSE: CPB) and Snyder’s-Lance (NASDAQ:LNCE) announced Monday that the companies have entered into an agreement for Campbell to acquire Snyder’s-Lance for $50 per share in an all-cash transaction, according to a press release by the purchase company.
Snyder’s-Lance makes Archway Cookies in Ashland.
The purchase price represents a premium of approximately 27 percent to Snyder’s-Lance’s closing stock price on Dec. 13, 2017, the last trading day prior to media reports regarding a potential transaction. The acquisition, which has been approved by the
Boards of Directors of both companies, will enable Campbell to expand its portfolio of leading snacking brands, the press release stated.
Snyder’s-Lance is a leading snacking company that manufactures and markets snack food throughout the United States. The company’s portfolio includes well-known brands such as Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.
Snyder’s-Lance has leading market positions in its core categories including pretzels, sandwich crackers, kettle chips, deli snacks and organic and natural tortilla chips, Campbell stated.
