Snyder’s-Lance, Inc. Receives Shareholder Approval for Proposed Acquisition by Campbell Soup Company
March 23 2018 - 4:05PM
Snyder’s-Lance, Inc. (Nasdaq:LNCE) announced today that its
shareholders, at a special meeting held on March 23, 2018, approved
the previously announced proposed acquisition of the Company by
Campbell Soup Company. 90.26% of the Company’s shares
outstanding were voted, with more than 99.33% of the votes cast in
favor of the proposal, representing more than 89.65% of
Snyder’s-Lance’s issued and outstanding shares. Under the
terms of the proposed acquisition, Campbell Soup Company will
acquire all shares outstanding of Snyder’s-Lance, Inc. for $50.00
per share in cash. The Company will be filing the final vote
results on a Form 8-K with the SEC.
The closing of the transaction is anticipated to
occur on or about Monday, March 26, 2018, subject to the
satisfaction of customary closing conditions at such time. At
the closing, shares of Snyder’s-Lance common stock will no longer
be listed for trading on the NASDAQ stock exchange.
About Snyder’s-Lance, Inc.
Snyder's-Lance, Inc., headquartered in Charlotte, NC,
manufactures and markets snack foods throughout the United States
and internationally. Snyder's-Lance's products include pretzels,
sandwich crackers, pretzel crackers, potato chips, cookies,
tortilla chips, restaurant style crackers, popcorn, nuts and other
snacks. Products are sold under the Snyder's of Hanover®, Lance®,
Kettle Brand®, KETTLE® Chips, Cape Cod®, Snack Factory® Pretzel
Crisps®, Pop Secret®, Emerald®, Late July®, Krunchers! ®, Tom's®,
Archway®, Jays®, Stella D'oro®, Eatsmart Snacks™, O-Ke-Doke®,
Metcalfe’s skinny®, and other brand names along with a number of
third party brands. Products are distributed nationally through
grocery and mass merchandisers, convenience stores, club stores,
food service outlets and other channels. For more information,
visit the Company's corporate web site: www.snyderslance.com.
LNCE-E
Investor ContactKevin Powers,
Senior Director, Investor Relations and Communications
Kpowers@snyderslance.com, (704) 557-8279
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this communication regarding the proposed
acquisition of the Company, including any statements regarding the
expected timetable for completing the proposed transaction and any
other statements regarding future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts are “forward-looking”
statements made within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words “aim,” “anticipate,” “believe,”
“could,” “ensure,” “estimate,” “expect,” “forecasts,” “if,”
“intend,” “likely” “may,” “might,” “outlook,” “plan,” “positioned,”
“potential,” “predict,” “probable,” “project,” “should,”
“strategy,” “will,” “would,” and similar expressions, and the
negative thereof, are intended to identify forward-looking
statements.
All forward-looking information are subject to numerous risks
and uncertainties, many of which are beyond the control of the
Company, that could cause actual results to differ materially from
the results expressed or implied by the statements. These risks and
uncertainties include, but are not limited to: the timing to
consummate the proposed transaction; the risk that a condition to
closing of the proposed transaction may not be satisfied or that
the closing of the proposed transaction might otherwise not occur;
the diversion of management time on transaction-related issues; and
risk that the transaction and its announcement could have an
adverse effect on the Company’s ability to retain customers and
retain and hire key personnel. Additional information concerning
these and other risk factors can be found in the Company’s filings
with the SEC and available through the SEC’s Electronic Data
Gathering and Analysis Retrieval system at http://www.sec.gov,
including the Company’s most recent Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and
the Definitive Proxy Statement filed by the Company on February 20,
2018. The foregoing list of important factors is not exclusive. The
Company’s forward-looking statements are based on assumptions that
the Company believes to be reasonable but that may not prove to be
accurate. The Company assumes no obligation to update or revise any
forward-looking statements as a result of new information, future
events or otherwise, except as may be required by law. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
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