Lance bids on Archway assets
November 19, 2008
by FoodBusinessNews.net Staff
CHARLOTTE, N.C. — Lance, Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to be the "stalking horse" bidder for the primary assets of snack food companies Archway Cookies and Mother’s Cakes and Cookie. Archway & Mother’s abruptly closed its headquarters in Battle Creek, Mich., and baking facility in Ashland, Ohio, on Oct. 3.
Lance bid $30 million for the combined primary assets of the companies and plans to use available liquidity under current credit facilities to fund the acquisition. Lance’s bids are subject to the submission of higher and better bids, and any competing bids must be submitted by the last week of November. If competing bids are received, an auction will be held during the first week of December, and the bankruptcy court will have a hearing for final approval of the sale in early December.