Deals
Snyder's-Lance Agrees to Buy Diamond Foods for $1.27 Billion
- Offer represents a 16% premium to Tuesday's closing price
- Deal will boost profit and help snackmaker expand beyond U.S.
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Snyder’s-Lance Inc. agreed to buy Diamond Foods Inc., the snackmaker that settled an accounting probe with regulators last year, for about $1.27 billion to add Kettle potato chips and Emerald almonds to its offerings.
Diamond’s investors will receive 0.775 of a Snyder’s-Lance share and $12.50 in cash for each of their shares, the companies said Wednesday in a statement. The deal also includes the assumption of $640 million in debt, bringing the total transaction value to about $1.91 billion. The equity offer of about $40.46 a share represents a 16 percent premium to Diamond’s closing price on Tuesday.