Deals
Snyder's-Lance Investors Balk at Purchase of Diamond Foods
- Snack company joins growing list of acquirers facing backlash
- Snyder's shares suffer worst decline in more than four years
Diamond Foods' brands include Kettle potato chips.
Photographer: Meg Roussos/BloombergThis article is for subscribers only.
Snyder’s-Lance Inc. shareholders aren’t happy about its plan to buy Diamond Foods Inc., part of a growing investor backlash against acquisitions.
After the company announced the $1.27 billion buyout this morning, Snyder’s shares tumbled 7.8 percent to close at $33.25 in New York. The drop represents the worst one-day decline in almost two years, underscoring concerns that the deal will add to Snyder’s debt without giving it a surefire growth engine.