Snyder’s-Lance Shells Out $1.91B for Diamond Foods
Troutman Sanders received significant press - The American Lawyer, The Economic Times, Law360, The Recorder and others – about snack food maker Snyder’s-Lance, Inc.’s announcement that it was buying Diamond Foods, Inc. – maker of Kettle Brand potato chips, Pop Secret popcorn, Emerald snack nuts and Diamond culinary nuts – in a transaction valued at $1.91 billion, including $640 million of Diamond Foods’ debt. Per the agreement, Diamond Foods’ stockholders will get 0.775 Snyder’s-Lance shares and $12.50 in cash for each share they hold. The $40.46 per-share cash-and-stock offer represents a 16 percent premium to Diamond’s October 27 closing.
Troutman Sanders acted as legal advisor to Snyder’s-Lance in the deal, with a team led by Alec Watson that included David Ghegan, Shona Smith, Chris Hartsfield and Dan Howell on the M&A side, Hazen Dempster on the financing side and numerous specialists across several different offices.