Snyder’s-Lance and Campbell Soup Company announced today that the companies have entered into an agreement for Campbell to acquire Snyder's-Lance for approximately $4.9 billion in an all-cash transaction. The acquisition, which has been approved by the Boards of Directors of both companies, will enable Campbell to expand its portfolio of leading snacking brands. The completion of the deal will combine the strengths of both organizations to drive sales growth and expand Campbell's footprint in the $89 billion United States snacking market. Snyder's-Lance has leading market positions in its core categories including pretzels, sandwich crackers, kettle chips, deli snacks and organic and natural tortilla chips. Its portfolio includes well-known brands such as Snyder's of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald and Late July. Snyder's-Lance will become part of Campbell's Global Biscuits and Snacks division, which includes the company's Pepperidge Farm, Arnott's and Kelsen businesses, and the simple meals and shelf-stable beverages business in Australia, Asia Pacific and Latin America.
Subject to the approval of Snyder's-Lance shareholders, as well as customary regulatory approvals and other closing conditions, the transaction is expected to close by the second quarter of 2018. The deal has been reported by Financial Times, The Deal, The New York Times, Reuters, The Wall Street Journal and USA Today, among other media outlets.
The Jenner & Block team representing Snyder’s-Lance is led by Partners Kevin T. Collins, Edward L. Prokop and Jason M. Casella. For the past several years, the firm has been advising Snyder’s-Lance on securities matter and served as securities counsel and corporate governance counsel for Snyder’s-Lance in its acquisition of Diamond Foods, Inc.