Campbell agrees to acquire Snyder’s-Lance in US

US-based soup company Campbell has agreed to acquire North Carolina’s snack maker Snyder’s-Lance for $50 per share.

The completion of the transaction is subject to the approval of Snyder’s-Lance shareholders, as well as customary regulatory closing conditions.

Upon completion of the deal, Snyder’s-Lance will join Campbell’s Global Biscuits and Snacks division.

Campbell president and chief executive officer Denise Morrison said: “The acquisition of Snyder’s-Lance will accelerate Campbell’s strategy and is in line with our Purpose, ‘real food that matters for life’s moments.’

“It will provide our consumers with an even greater variety of better-for-you snacks.

“The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders.

“This acquisition will dramatically transform Campbell, shifting our centre of gravity and further diversifying our portfolio into the faster-growing snacking category.”

Snyder’s-Lance manufactures and markets snack food throughout the US, and its product portfolio includes brands such as Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July.

The acquisition would enable Campbell to expand its portfolio with some of the leading snacking brands in the US market.

Snyder’s-Lance president and chief executive officer Brian Driscoll said: “Following a thorough review process of strategic options, we believe this transaction maximises value for our shareholders through an immediate and certain cash premium.

“The transaction also unlocks the value of our portfolio, reflecting the progress we have made planning and executing our transformation.”