Snyder's-Lance to Acquire Diamond Foods in Cash, Stock Deal Valued at ~ $1.91B
Snyder's-Lance, Inc. (NASDAQ: LNCE) and Diamond Foods, Inc. (NASDAQ: DMND) today announced that they have entered into a definitive agreement under which Snyder's-Lance will acquire all outstanding shares of Diamond Foods in a cash and stock merger transaction for approximately $1.91 billion, including the assumption of approximately $640 million of indebtedness. Under the terms of the agreement, Diamond stockholders will receive 0.775 Snyder's-Lance shares and $12.50 in cash per Diamond Foods share upon closing of the transaction. The agreement has been approved by the Boards of Directors of both companies, who recommend that their respective stockholders approve the transaction. Oaktree Capital (NYSE: OAK), Diamond's largest stockholder, has agreed to vote in favor of the transaction. Diamond Foods stockholders will own approximately 26% of the combined company based on today's outstanding share counts.
The strategic combination of Snyder's-Lance and Diamond Foods creates an innovative, highly complementary and diversified portfolio of branded products. Diamond Foods