Snyder's of Hanover, Inc. announced today that its shareholders have approved the proposal to adopt the Agreement and Plan of Merger with Lance, Inc. (Nasdaq: LNCE), a leading national supplier of sandwich crackers and salty snacks.
The proposal was approved during a special shareholders meeting held on December 3, 2010 in Hanover, Pennsylvania. This approval is an important step for both companies to complete their merger, which is expected to be finalized on Monday, December 6, 2010, subject to the satisfaction of customary closing conditions.
"We are looking forward to the marriage of these two companies. This was the final step. We are eagerly awaiting the beginning of the new era of Snyder's–Lance. Great things are on the horizon for our customers, consumers, company, brands, employees and shareholders," said Mike Warehime, chairman of the Snyder's of Hanover board of directors and the new Snyder's–Lance board of directors.
The stock-for-stock merger of equals was initially announced at the end of July. Since then, it has undergone FTC and SEC review and finally, the shareholder vote.
"Everyone at Snyder's is excited for the potential of this merger with Lance," commented Carl E. Lee, Jr., President and Chief Executive Officer of Snyder's of Hanover. "Snyder's and Lance are two great companies with long, successful track records. Our combined strengths in distribution, manufacturing, marketing and innovation will make us a strong national competitor, and I look forward to the growth and opportunities ahead," Lee concluded.
Snyder's – Lance will have a diverse portfolio of snack food brands that includes the iconic Snyder's of Hanover® pretzels, famous Lance® sandwich crackers, Cape Cod®, Grande®, Tom's®, Jays®, O-Ke-Doke®, Stella D'oro®, Krunchers!®, Archway®, EatSmart Naturals™, Padrinos®, and leading private and third party brands. Products include pretzels, sandwich crackers, potato chips, popcorn, crackers, tortilla chips, cookies, sugar wafers, nuts and seeds, among others.