Lance shareholders okay merger with Snyder's
December 2, 2010
by Eric Schroeder
CHARLOTTE, N.C. — Stockholders of Lance, Inc. have approved the issuance of shares needed to complete the proposed merger with Snyder’s of Hanover, Inc. The issuance of shares was approved at a special stockholder’s meeting held on Dec. 2 in Charlotte. According to Lance, more than 96% of the votes cast by the company’s stockholders at the meeting were in favor of the issuance of the shares necessary to complete the merger.
Additionally, each of the other proposals presented to Lance stockholders in connection with the merger were approved at the special stockholder’s meeting, including changing the name of the company from Lance Inc. to Snyder’s-Lance, Inc., and appointing Peter P. Brubaker, Carl E. Lee Jr., John E. Denton and Michael A. Warehime to the company’s board of directors.
Lance said it 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.
“We are very pleased with the overwhelmingly positive support our stockholders have shown for this merger,” said David V. Singer, president and chief executive officer of Lance. “This transaction combines two great organizations into a dynamic and competitive company that will deliver long-term value to our stockholders, customers, business partners and the communities where we do business.”
As previously announced, the company will pay a special dividend of $3.75 per share to holders of record of Lance stock as of Dec. 3. The special dividend will be payable after the merger is completed on Dec. 10. Holders of Snyder’s common stock who receive shares of Lance common stock in the merger will not receive the special dividend.