Campbell Soup is planning to acquire Snyder's-Lance, subject to the approval of Snyder’s-Lance shareholders, as well as customary regulatory approvals and other closing conditions, for $50 per share in an all-cash transaction. The acquisition, which will allow Campbell to expand its portfolio of snacking brands, has been approved by both companies’ boards of directors. The move also will give Campbell access to faster-growing distribution channels, including the convenience and natural channels, and expand its share in the $89 billion US snacking market.
Following the acquisition, Snyder's-Lance will become part of Campbell’s global biscuits and snacks division. In fiscal 2017, Campbell baked snacks products generated approximately $2.5 billion in net sales. Adding Snyder's-Lance will increase snack foods to around 46 percent of Campbell’s annual net sales. With the recent acquisition of Pacific Foods, Campbell’s soup portfolio will generate approximately 27 percent of the company’s annual net sales.