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Diamond Foods (DMND) Stock Spikes, Snyder's-Lance to Acquire for $1.91 Billion

NEW YORK (TheStreet) -- Diamond Foods (DMND - Get Report) shares are jumping 5.85% to $36.93 on Wednesday as the snack food company is being bought by rival Snyder's-Lance (LNCE) for $1.91 billion in cash and stock.

The two companies made an announcement this morning that under the deal Diamond shareholders will receive $12.50 a share in cash and 0.775 Snyder's shares. This includes about $640 million in debt.

"This transaction will create a diversified, branded snacking portfolio with greater operating scale," Diamond Foods CEO Brian J. Driscoll stated. "In addition, we expect the transaction will provide us with greater resources to further develop new product innovation and broaden our geographic reach and route to market across complementary customer bases."

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Diamond Foods makes Kettle Brand potato chips, Pop Secret popcorn and Emerald nuts. Snyder's-Lance, makes snacks such as Snyder's of Hanover Pretzels and Cape Cod potato chips.

Consolidation of food companies are being more and more common as earlier this year, food giants Kraft Foods Group and H.J. Heinz Holding Corp. merged to become The...