Snyder's-Lance takes over Diamond Foods

By The Record

Posted Mar. 1, 2016

Diamond Foods Inc., the publicly held snack foods company that grew out of the former Diamond Walnut growers’ cooperative, has been acquired by Snyder's-Lance Inc., the nation’s second-largest salty snacks company.

Charlotte, N.C.-based Snyder’s acquired all outstanding shares of Diamond Foods in closing Monday. For each share, Diamond stockholders received 0.775 Snyder's-Lance share and $12.50 in cash.

Snyder's-Lance said it would continue to operate the walnut processing and related snack-foods production plant in Stockton.

“Snyder’s-Lance will continue to utilize existing manufacturing facilities and will begin to leverage capacity and geographical advantages to improve access and service to our customers and ultimately, consumers,” the company said in a statement.

The merger announced in October combines Snyder’s-Lance brands, including Snyder's of Hanover, Cape Cod and Pretzel Crisps, with Diamond’s Kettle Brand potato chips, Pop Secret, Emerald snack nuts and Diamond of California culinary nuts.

Diamond has been delisted from the Nasdaq exchange. Snyder's-Lance shares, which trade on the Nasdaq under the ticker symbiol LNCE, closed Tuesday at $33.60, down $2.11, for the day.

http://www.recordnet.com/news/20160301/snyders-lance-takes-over-diamond-foods