Snyder's of Hanover/Lance Close in on Deal
Lance Inc., a leading national supplier of crackers, cookies and salted snacks, announced that its stockholders have overwhelmingly approved of the issuance of shares needed to complete its proposed merger with Snyder's of Hanover, Inc., a Hanover, Pa.-based manufacturer of the nation’s top-selling line of pretzels. The approval came at a special stockholder's meeting on Dec. 2 in Charlotte, N.C., where Lance is headquartered.
Other proposals presented to Lance stockholders in connection with the merger were also approved at the special stockholder’s meeting. These proposals, which are contingent on completion of the merger, include changing the corporate name from Lance Inc. to Snyder's-Lance, Inc. and naming Peter Brubaker; Carl Lee, Jr., president and CEO of Snyder’s; John Denton and Michael Warehime, chairman of Snyder’s, to the company's board of directors.
Lance says that it currently expects to finalize the merger on Dec. 6, subject to approval of the merger by Snyder's shareholders on Dec. 3 and the satisfaction of other customary closing conditions.