Snyder's-Lance To Acquire Diamond Foods In Cash And Stock Merger Deal

(RTTNews) - Snyder's-Lance, Inc. (LNCE) and Diamond Foods, Inc. (DMND) announced they have entered into a definitive agreement under which Snyder's-Lance will acquire all outstanding shares of Diamond Foods in a cash and stock merger transaction for approximately $1.91 billion, including the assumption of approximately $640 million of indebtedness.

Diamond stockholders will receive 0.775 Snyder's-Lance shares and $12.50 in cash per Diamond Foods share upon closing of the transaction. Diamond Foods stockholders will own approximately 26% of the combined company.

Snyder's Lance expects to continue to pay a dividend of $0.64 per share. Oaktree Capital (OAK), Diamond's largest stockholder, has agreed to vote in favor of the transaction. The deal is expected to close in early 2016.