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US: Campbell Soup buys snack maker for $4.87B

By  |  December 18, 2017

Campbell Soup will buy Pretzels and Cape Cod chips maker Snyder’s-Lance for US$4.87 billion as it looks to expand its snack business amid sagging soup sales.

Campbell said on Monday, December 18, it would pay Snyder’s shareholders US$50 per share in cash.

The offer represents a 27% premium to Snyder’s close on Wednesday, a day before CNBC first reported it had hired an investment bank to weigh a potential sale following an approach from Campbell.

The equity value of the deal is based on 97.46 million outstanding Snyder shares, according to Thomson Reuters data. Including debt, the deal is valued at about US$6 billion.

Campbell said it plans to finance the acquisition through a combination of long- and short-term debt of US$6.2 billion.

Full Content: CNBC

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