Campbell Soup Company Ends Speculation, Acquires Snyder’s-Lance

On Monday, Campbell Soup Company (NYSE: CPB) confirmed recent speculation by acquiring Snyder’s-Lance (NASDAQ: LNCE) for $50 per share in cash, representing a 27% premium to Snyder’s-Lance’s closing price on December 13th and an enterprise value of approximately $6.1 billion.

Snyder’s-Lance offers Campbell access to a number of market-leading brands, including Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand kettle chips, and others.
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Snyder’s-Lance reported net sales of approximately $2.2 billion for the twelve months ended September 30, 2017, representing a 2.7x revenue multiple. The $6.1 billion price tag also represents an adjusted EBITDA multiple of 12.8x, based on Snyder’s-Lance expected 2017 adjusted EBITDA. ​