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Hershey to Acquire Amplify Snack Brands in Cash Deal

Hershey to Acquire Amplify Snack Brands in Cash Deal”

Campbell also would end a program to buy back its shares, and would apply any savings from tax-code changes toward reducing its debt, DiSilvestro said. This represents a premium of 27 percent of the company's closing price on December 13.

"This acquisition will dramatically transform Campbell, shifting our center of gravity and further diversifying our portfolio into the faster-growing snacking category", CEO Denise Morrison said in a statement Monday morning.

The deal - the largest in the soup company's 148-year history - was announced December 18. In 2012, it acquired dressing, beverage and vegetable company Bolthouse Farms for $1.55 billion.

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Earlier this year, Snyder's-Lance announced it would be investing $20 million in Cape Cod Potato Chips' Barnstable Factory.

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.

Previous year it joined the ballooning number of consumer packaged giants to launch a venture unit in hopes of keeping closer tabs on innovation. The deal is expected to be completed in the first quarter of 2018.

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The deal is waiting for approval from Snyder-Lance's shareholders and regulatory approval.

But snacks have been a bright spot for the company. Lee Jr. was replaced by Brian Driscoll, the former president of Diamond Foods. Snacks will amount to almost half of Campbell's annual revenue, while soup will fall to slightly more than a quarter.

It is unclear whether the deal will result in any layoffs at the Snyder's-Lance corporate headquarters in Ballantyne, where the company employs about 1,300. In addition, the company plans to suspend share repurchases to help pay for the extra borrowing.

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In October, Press Secretary Sarah Huckabee Sanders said all of Trump's accusers - more than a dozen women - are lying . Moore has repeatedly denied the allegations. "They should be heard and they should be dealt with".

USA stocks climbed again Monday and set more records as investors grew more certain Republicans will pass their tax plan this week.



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