Multibillion-dollar sale of Charlotte snack company to be completed soon

Charlotte-based snack maker Snyder’s-Lance expects to complete its planned sale to New Jersey-based Campbell Soup Co. on Monday after shareholders approved the deal by a wide margin.

Snyder's-Lance said more than 99 percent of votes cast at a special meeting Friday backed the $4.9 billion transaction announced in December.

The company's shareholders are set to receive $50 per share in cash. After the deal is finalized, Snyder's-Lance shares, which closed Friday at $49.98, will no longer trade on the NASDAQ stock exchange.

The sale means Charlotte is losing the headquarters of another major publicly traded company.

The maker of Snyder’s of Hanover pretzels and Lance peanut butter sandwich crackers was No. 862 on the 2017 Forbes list of Fortune 1000 companies.

Snyder’s-Lance is the product of the 2010 merger of Pennsylvania-based Snyder’s of Hanover and Charlotte-based Lance, which has long roots in the city. Philip L. Lance started selling roasted peanuts on the streets of Charlotte in 1913.

Snyder's-Lance has said the deal maximizes value for its shareholders, while Campbell has said the purchase creates "a diversified snacking leader."

This story was originally published March 24, 2018 at 5:02 PM with the headline "Multibillion-dollar sale of Charlotte snack company to be completed soon."