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Snyder's-Lance shareholders approve merger with Campbell

Shareholders of Snyder's-Lance Inc. approved New Jersey-based Campbell Soup Co.'s proposed acquisition of the company for $50 per share in cash, the North Carolina-based snack foods maker said March 23.

The companies expect to complete the transaction on March 26, subject to customary closing conditions. Shares of Snyder's-Lance will cease trading on Nasdaq once the deal is closed.

Snyder's-Lance recently signed a memorandum of understanding with certain shareholders who filed class-action lawsuits against the company for allegedly providing an "incomplete and misleading" proxy statement about the Campbell transaction.