Snyder's-Lance Inc logo

LNCE - Snyder's-Lance Inc News Story

$49.98 0.0  0.0%

Last Trade - 23/03/18

Sector
Consumer Defensives
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £1.67bn
Position in Universe th / 7302

UPDATE 1-Campbell Soup to buy snacks maker Snyder's-Lance for $4.87 bln

Mon 18th December, 2017 1:04pm
(Adds deal details, financing) 
    Dec 18 (Reuters) - Campbell Soup Co  CPB.N  will buy 
Pretzels and Cape Cod chips maker Snyder's-Lance Inc  LNCE.O  
for $4.87 billion as it looks to expand its snack business amid 
sagging soup sales. 
    Campbell said on Monday it would pay Snyder's shareholders 
$50 per share in cash.  urn:newsml:reuters.com:*:nBw750LH9a 
    The offer represents a 27 percent 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 $6 billion. 
    Campbell said it plans to finance the acquisition through a 
combination of long- and short-term debt of $6.2 billion. 
    Credit Suisse acted as lead financial adviser to Campbell in 
this transaction. Weil, Gotshal & Manges LLP acted as Campbell's 
legal counsel. 
    Goldman Sachs & Co LLC acted as lead financial adviser to 
Snyder's-Lance and Jenner & Block LLP acted as its legal 
counsel. 
 
 (Reporting by Uday Sampath in Bengaluru; Editing by Shounak 
Dasgupta) 
 ((UdaySampath.Kumar@thomsonreuters.com; Reuters Messaging:  
UdaySampath.Kumar.thomsonreuters.com@reuters.net)) 
 
Keywords: SNYDERS LANCE M&A/CAMPBELL SOUP
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