From Soup to Nuts: Campbell Diversifies With Deal for Snyder's-Lance
Wide-moat Campbell Soup has announced a $6 billion cash deal to buy no-moat Snyder's-Lance for $50 per share. We don't plan a material change to our $53 valuation for the acquirer and expect to lift our estimate for the target to $49 (the present value of the offer, assuming an early April close) from $35.50. The offer corresponds to 20 times adjusted EBITDA and nearly 13 times including targeted synergies, including planned achievement of about $125 million of Snyder’s-Lance’s ongoing $175 mill...
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