As It Reports 4Q Earnings, Snyder’s-Lance’s Acquisition by Campbell Remains On Track
We do not plan to meaningfully alter our $49 per share valuation for no-moat Snyder’s-Lance after the firm announced fourth-quarter earnings. The company’s pending acquisition by wide-moat Campbell appears on track for a first-quarter 2018 close, and as another bidder has not emerged, we expect the deal to be consummated as scheduled. Our valuation corresponds to the present value of the $50 per share purchase price.The company reported $2.2 billion in full-year sales against a 13.2% adjusted E...
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