Snyders-Lance Completes Diamond Foods Acquisition

CHARLOTTE, NC -- Snyder's-Lance Inc., the nation's second-largest snack company, has acquired all outstanding shares of Diamond Foods in a cash and stock merger transaction. Under terms of the agreement, Diamond Foods stockholders receive 0.775 Snyder's-Lance shares and $12.50 in cash per Diamond Foods share.

The merger, announced in October, combines Snyder's-Lance brands like Snyder's of Hanover, Cape Cod and Pretzel Crisps, with Diamond's Kettle Brand potato chips, Pop Secret microwave popcorn, and Emerald and Diamond of California nuts. It also expands the company's footprint in the "better-for-you" snacking space and increases its presence in the natural foods channel.

The addition of Diamond's brands is expected to increase Charlotte, NC-based Snyder's-Lance's annualized net revenue to $2.6 billion.