Campbell Soup is acquiring snacks company Snyder’s-Lance for $4.87 billion in cash, the largest ever deal in the soup company’s 148-year history.
CNBC had reported Friday that a deal, valued at $50 a share, was in the works.
Snyder’s stock jumped 6.7 percent in Monday’s premarket to $49.95 a share.
The deal underscores the drive for food industry consolidation as traditional food companies watch their sales drop and struggle to create growth or innovation on their own. It points to the opportunity they see in snacks, appealing to the increasing number of people who eat and shop on the go.
Campbell’s stock, before news of its plans to acquire Snyder’s broke, was down roughly 18 percent during the past year. Sales in its America’s simple meals and beverages segment, which includes……..
