Campbell Soup is buying snacks maker Snyder's-Lance for $4.87 billion

  • Campbell Soup has agreed to buy Snyder's-Lance for $50 per share in an all-cash deal.

  • The deal would fold Snyder's pretzels and other snacks into Campbell's biscuits and snacks division that includes brands like Goldfish crackers and Milano cookies.

  • Campbell Soup has pushed into the market for snacks amid declining soup sales.


Campbell Soup announced Monday that it agreed to buy the snack maker Snyder's-Lance for $50 per share.

The all-cash deal is worth $4.87 billion.

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Amid declining soup sales, Campbell has pushed into other markets. This acquisition was its sixth in five years. Earlier in December, it bought organic broth and soup maker Pacific Foods.

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The deal "will provide our consumers with an even greater variety of better-for-you snacks," said Campbell Soup CEO Denise Morrison, in a statement. "The combination of Snyder’s-Lance brands with Pepperidge Farm, Arnott’s and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders."

Snyder's-Lance will become part of Campbell's global biscuits and snacks division which includes brands like Goldfish crackers and Milano cookies.

Campbell's offer represents a 27% premium to Snyder's closing price on Wednesday, a day before CNBC first reported that the company had hired an investment bank to consider a sale after being approached by Campbell. Snyder's stock rose 7% to as high as $49.95 in premarket trading, nearly matching the offer price.

Credit Suisse and Rothschild were financial advisers to Campbell Soup, while Goldman Sachs and Deutsche Bank worked with Snyder's-Lance.

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