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Shareholders of pretzel and snack food maker Snyder’s of Hanover Inc. are casting their ballots to approve the company’s acquisition by Lance Inc.
Privately held Snyder’s makes EatSmart products, Krunchers! and Grande tortilla chips. It expects the results of the vote to be announced later Friday. Get the full story »
The peanut butter and cheese crackers of Lance Inc. are just one vote away from being combined with the pretzels of Snyder’s of Hanover Inc. as the companies aim to form the country’s No. 2 producer of salty snacks after PepsiCo Inc.’s Frito-Lay division.
Shareholders of Charlotte-based Lance cast 96 percent of their votes Thursday in favor of issuing the stock needed to merge with privately-held Snyder’s of Hanover, Pa. Snyder’s shareholders will vote on the merger Friday, and if they approve, the companies could complete the move Monday. The new company would be called Snyder’s-Lance.
PepsiCo Inc.’s third-quarter net income rose 12 percent on strong sales gains in drinks and Frito-Lay snacks abroad, but shares fell after the company lowered the top end of its guidance because of investments to expand its presence overseas. Shares fell $2.01, or 3 percent, to $65.10 in heavy volume Thursday.
