NEW YORK (AP) — The parent company of Hyannis-based Cape Cod Potato Chips has been purchased by Campbell Soup for $4.87 billion in cash.
The soup maker said Monday that the acquisition of Snyder’s-Lance will allow it to expand its distribution channels in the crowded field.
Cape Cod Potato Chips was founded in 1980 and sold to Lance in 1999, which later merged with Snyder’s.
Campbell Soup Co., based in Camden, New Jersey, is paying $50 per share, a 6.8 percent premium to Snyder’s-Lance’s closing price Friday.
That’s about a 27 percent premium to the stock’s close last Wednesday, just before rumors of a deal began to circulate.
Snyder’s-Lance, based in Charlotte, North Carolina, makes pretzels, chips.
It’s most well-known brands include Snyder’s of Hanover, Kettle Brand and Pop Secret, in addition to Cape Cod Potato Chips.
It will join the Campbell’s division that makes Pepperidge Farm and Goldfish crackers.
There was no immediate word on whether the new owners would keep the chip-maker’s base of operations on Cape Cod.
The company is currently going through the regulatory process for a $20 million dollar expansion of the Hyannis factory.
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