Campbell Soup to buy snacks maker Snyder's-Lance for $4.87 b

Posted December 20, 2017

Campbell plans to finance the acquisition through $6.2-billion of debt comprising a combination of long-term and short-term debt and said that it will suspend its earlier announced share repurchase program to maximise free cash flow for the purposes of paying down debt. The stock had previously closed at $43.66, but opened at $46.79. On Thursday, June 9 the stock rating was upgraded by BMO Capital Markets to "Outperform".

CNBC had reported Friday that a deal, valued at $50 a share, was in the works. (NASDAQ:LNCE). Blackrock reported 0.02% of its portfolio in Snyder's-Lance, Inc. Snyder's-Lance Inc had 27 analyst reports since August 12, 2015 according to SRatingsIntel. Finally, Deutsche Bank set a $50.00 target price on Snyder's-Lance and gave the company a "buy" rating in a research report on Friday.

Certain members of the Warehime family, who collectively own 13.2 per cent of Snyder's-Lance's stock, have agreed to vote their shares in support of the transaction. The company presently has a consensus rating of "Hold" and an average target price of $44.83.

Several institutional investors have recently modified their holdings of the company. 27 funds opened positions while 86 raised stakes.

Davenport & Limited Company has 29,122 shares for 0% of their portfolio. (NASDAQ:LNCE). Investment Counselors Of Maryland Ltd holds 0.7% of its portfolio in Snyder's-Lance, Inc. (LNCE)'s shares. The total value of these holdings, in millions, is $2,975. California Pub Employees Retirement System reported 0.01% of its portfolio in Snyder's-Lance, Inc. Public Employees Retirement System of OH now owns 4,272 shares of the company's stock valued at $148,000 after purchasing an additional 214 shares during the period. The stock of Snyder's-Lance, Inc. Goldman Sachs Group Inc. now owns 4,165,505 shares of the company's stock worth $144,210,000 after purchasing an additional 2,166,488 shares during the last quarter.

Among new and sold out positions, 25 holders initiated new positions by a total of 802532 shares and 31 holders exited their positions by a total of 1.61 million shares. The firm has a market cap of $4,880.00, a price-to-earnings ratio of 42.15 and a beta of 0.71. (NASDAQ:LNCE). M&T National Bank Corp has invested 0% in Snyder's-Lance, Inc. The company reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of $0.35 by ($0.02).

Analysts await Snyder's-Lance, Inc. During the same quarter in the previous year, the firm posted $0.35 earnings per share.

The Snyder's-Lance purchase marks Campbell's sixth and largest acquisition over the last five years. The rating was maintained by Deutsche Bank on Tuesday, October 6 with "Hold". Shareholders of record on Monday, November 20th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.28%. Driscoll, the former CEO of Diamond Foods and a member of Snyder's-Lance's board, was named his successor in June.

COPYRIGHT VIOLATION WARNING: This news story was reported by TrueBlueTribune and is the sole property of of TrueBlueTribune.

Snyder's-Lance, Inc is a snack food company.

SnyderÂ's-Lance, Inc. manufactures, distributes, markets, and sells snack food products in the United States. Its products include pretzels, sandwich crackers, kettle cooked chips, pretzel crackers, cookies, potato chips, tortilla chips, restaurant style crackers, popcorn, nuts and other salty snacks.