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Snyder's-Lance signs MOU over alleged incomplete proxy statement

Snyder's-Lance Inc. signed a memorandum of understanding in a settlement with shareholders who filed four class-action lawsuits in January, according to a March 12 regulatory filing.

The shareholders alleged that the snack food company gave an "incomplete and misleading" proxy statement to shareholders about its merger agreement with New Jersey-based food company Campbell Soup Co.

Campbell announced Dec. 18, 2017, that it would purchase Snyder's-Lance for an all-cash transaction of $50 per share, a premium of approximately 27% to Snyder's-Lance's closing stock price Dec. 13, 2017. Under the deal, Snyder's-Lance will become an indirect wholly owned subsidiary of Campbell. It will be merged with Campbell's Twist Merger Sub Inc.

The canned soup maker will finance the transaction via a $6.2 billion debt that consists of long-term and short-term debts.

Snyder's-Lance said it will hold a special meeting March 23 to let shareholders vote on the deal.

The acquisition is expected to close in the second quarter of 2018.