(Reuters) – Snack food maker Snyder’s-Lance Inc (LNCE.O) said it will buy Kettle potato chips maker Diamond Foods Inc (DMND.O) for about $1.27 billion.
Diamond Foods said its stockholders will get 0.775 Snyder’s-Lance shares and $12.50 in cash for each share they hold.
The $40.46 per-share cash-and-stock offer represents a 16 percent premium to Diamond’s Tuesday closing.
The deal is valued at $1.91 billion including $640 million of Diamond Foods’ debt.
Kellogg Co (K.N) was said to be in late-stage talks to buy Diamond Foods for more than $1.5 billion, the New York Post reported last week.
Oaktree Capital, Diamond’s largest stockholder, has agreed to vote in favor of the transaction, Snyder’s-Lance said.
Snyder’s-Lance said the deal, which is expected to immediately add to its earnings, would expand its presence in the natural foods category.
Morgan Stanley & Co LLC is financial adviser to Snyder’s-Lance and Troutman Sanders is the company’s legal adviser.
Credit Suisse is financial adviser to Diamond and Fenwick & West is the company’s legal adviser.
(Reporting by Sruthi Ramakrishnan and Yashaswini Swamynathan in Bengaluru; Editing by Savio D’Souza)
Environmental sustainability and net-zero emissions targets are the key change drivers in dairy packaging and processing right now, according to Bengt Eliasson, category manager for dairy ambient at Tetra Pak. In this wide-ranging interview with PackagingInsights, Eliasson discusses the Swedish-Swiss food packaging and processing giant’s latest low-carbon circular packaging and processing equipment technologies.
A panel of industry experts selected Chr. Hansen’s FreshQ concept at this year’s Fi Europe Innovation Awards in Frankfurt, Germany. The Food Tech Innovation Award was presented to the company’s range of next-generation food cultures, which are pegged as a “game-changer in terms of low impact on post-acidification” in fermented dairy.
In a move to scale cage-free egg regulations to market behest, the China Chain Store and Franchise Association (CCFA) and the China Animal Health and Food Safety Alliance (CAFA) have set a formal standard to define which eggs and egg products are to be marketed as cage-free.
