Darspal S Mann
Mon, Feb. 29, 5:45 PM
- Snyder's-Lance (LNCE +1.1%) has wrapped its cash-and-stock acquisition of Diamond Foods (NASDAQ:DMND).
- Diamond Foods stockholders are receiving 0.775 Snyder's-Lance shares and $12.50 cash for each share of Diamond they hold.
- Adding brands like Pop Secret, Kettle Chips, and Emerald and Diamond nuts helps increase the company's annualized net revenue to about $2.6B, it said. It's reaffirmed estimated annualized synergies from cost savings at $75M, with about $10M to be reinvested in growth plans.
- The deal's expected to be immediately accretive to 2016 earnings.
- After hours: LNCE flat.
Oct. 28, 2015, 7:01 AM
- Snyder's-Lance (NASDAQ:LNCE) announces it will acquires Diamond Foods (NASDAQ:DMND) in a deal valued at $1.9B.
- Diamond shareholders will receive $12.50 per share and 0.775 shares of Snyder's-Lance at closing.
- The deal has the backing of large Diamond shareholder Oaktree Capital
- The merger is expected to kick up synergy benefits as high as $75M in annual cost savings.
- Previously: Food sector M&A seen picking up (Oct. 23 2015)
- DMND +11.78% premarket to $39.00.
Oct. 23, 2015, 8:17 AM
Feb. 4, 2015, 8:22 AM
- Diamond Foods (NASDAQ:DMND) announces it purchased a majority interest in Yellow Chips.
- Yellow Chips, which sells a number of organic potato chip products, will operate as an independent subsidiary of Diamond.
- Terms for the purchase of the 51% stake weren't disclosed.
Mar. 21, 2012, 4:36 PM
Diamond Foods (DMND +2.8%) spiked just before the close thanks to a WSJ report claiming the scandal-plagued snack vendor is talking with P-E firms about a PIPE investment. An i-bank recently hired by Diamond is said to have approached KKR and TPG about taking a minority stake in the company, which may need a cash infusion to avoid defaulting on its debt covenants. (previously)| Mar. 21, 2012, 4:36 PM | 2 Comments
Feb. 15, 2012, 7:28 AM
Feb. 10, 2012, 2:01 AM
Procter & Gamble (PG) has decided to try to terminate the sale of its Pringles business to scandal-plagued Diamond Foods (DMND), sources say, and must now determine how best to exit the deal and whether to expect pushback from Diamond. If the sale goes forward, P&G shareholders will end up owning a majority of Diamond's stock, which fell 37% yesterday.| Feb. 10, 2012, 2:01 AM | 2 Comments
Nov. 30, 2011, 10:11 AMA victim of short sellers or of its own troubles? Steve Davidoff walks through the challenges over the accounting behind a payment for walnuts at Diamond Foods (DMND) and a subsequent drop in the company’s stock that have cast a shadow over a deal to acquire Pringles from Procter & Gamble (PG). Even if DMND's audit issues a clean bill of health, the company still may be irreparably harmed. | Nov. 30, 2011, 10:11 AM
Nov. 23, 2011, 3:31 PM
More on Diamond Foods (DMND -18.6%): A Procter & Gamble (PG) spokesman says the company is still committed to completing the Pringles deal in the second half of its fiscal year (ends in June) ... though that still leaves room for the deal's terms to be changed. Deutsche thinks the deal has a 20% chance of collapsing, while RiverPoint Capital's Leon Lowensteine puts the odds at 50%. (previously)| Nov. 23, 2011, 3:31 PM | 9 Comments
Nov. 2, 2011, 11:05 AM
Diamond Foods (DMND -20.2%) is slammed with three analyst downgrades following revelations that it was examining payments it makes to walnut growers, a process serious enough to delay its purchase of Procter & Gamble's (PG) Pringles business until next year. BofA Merrill Lynch, RBC and Janney each take shares down a notch to their equivalent of neutral.| Nov. 2, 2011, 11:05 AM | 1 Comment
Nov. 1, 2011, 4:58 PM
Diamond Foods (DMND) drops 7.2% AH after announcing its $2.35B acquisition of Procter & Gamble's (PG) Pringles business, previously expected to close in December, is now expected to close in 1H 2012. The closing date was revised to make time for Diamond's audit committee to investigate the company's "accounting for certain crop payments to walnut growers."| Nov. 1, 2011, 4:58 PM