Snack food maker Snyder's-Lance Inc said it will purchase Diamond Foods Inc for about $1.27 billion to expand in the "better-for-you" foods category, which includes baked potato chips and fat-free popcorn.The deal comes at a time consumers are increasingly moving away from salty and sugary snacks and opting for healthier products such as baked snacks and trail mixes.Snyder's-Lance offered $40.46 per Diamond Foods share, 0.775 in Snyder's-Lance shares and $12.50 in cash. Diamond Foods shares were up nearly 9 percent at $38 in premarket trading on Wednesday, while Snyder's-Lance's were untraded.
Diamond Foods, Inc. (Diamond) is a packaged food company focused on building and energizing brands. Shares of DMND fell by 2.13% or $-0.76/share to $34.89. In the past year, the shares have traded as low as $24.57 and as high as $36.04. On average, 305183 shares of DMND exchange hands on a given day and today's volume is recorded at 430790.
Snyder's-Lance, Inc. is a national snack food company. Shares of LNCE fell by 0.93% or $-0.34/share to $36.08. In the past year, the shares have traded as low as $27.32 and as high as $36.67. On average, 221895 shares of LNCE exchange hands on a given day and today's volume is recorded at 190401.