Snyder’s-Lance completes acquisition of Diamond Foods, Inc.
Snyder’s-Lance, Inc. announced the completion of its acquisition of Diamond Foods, Inc. Per terms of the deal, Snyder’s-Lance has acquired all outstanding shares of Diamond Foods in a cash and stock merger transaction. Under the terms of the agreement, Diamond Foods stockholders receive 0.775 Snyder’s-Lance shares and $12.50 in cash per share of Diamond Foods.
The addition of leading snack food brands such as Kettle Brand potato chips, KETTLE Chips, Pop Secret popcorn, Emerald snack nuts, and Diamond of California culinary nuts positions Snyder’s-Lance to compete more broadly and with enhanced capabilities, the company said.
Each of these brands brings unique strengths to support Snyder’s-Lance’s strategic plan while increasing the company’s annualized net revenue to approximately $2.6 billion, Snyder’s-Lance said. The transaction also expands the company’s overall footprint in “better-for-you” snacking and increases its natural food channel presence, according to the company. The company reaffirmed estimated annualized synergies from cost savings of $75 million, with approximately $10 million to be re-invested in the company’s growth plans. Snyder’s-Lance expects the transaction to be immediately accretive to 2016 annualized earnings.