Friday July 23, 2010

Snyder's, Lance Plan To Merge

Charlotte, NC — Lance, Inc. and Snyder’s of Hanover, Inc. have signed an agreement to combine in a “stock-for-stock merger of equals,” which could result in a combined company called Snyder’s-Lance, Inc.

Brands such as Lance, Snyder’s of Hanover, Cape Cod, Stella D’oro and Archway would be included under the Snyder’s-Lance umbrella if the merger is completed, according to the companies.

The transaction would give the combined company added scale to compete in high volume categories, offer a national DSD system and broaden the portfolio of cookies and salty snacks, according to Carl E. Lee, Jr., president and CEO of Snyder’s.

The proposed merger is subject to regulatory approvals, the companies’ shareholders and customary closing conditions. The deal is expected to close following shareholder meetings for both companies in fall 2010. Financial details have not been disclosed.