CHARLOTTE, N.C. (AP) — The maker of Lance peanut butter sandwich crackers and Snyder’s of Hanover pretzels is set to be taken over by one of the largest U.S. packaged food companies.
Charlotte-based snack maker Snyder’s-Lance Inc. says shareholders overwhelmingly approved its planned sale to Camden, New Jersey-based Campbell Soup Co. and the deal is set to close Monday.
Snyder’s-Lance said more than 99 percent of votes cast at a special meeting Friday backed the $4.9 billion sale announced in December.
Campbell Soup said the acquisition would allow it to expand its distribution channels in the crowded snack market.
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Snyder’s-Lance is the product of the 2010 merger of Pennsylvania-based Snyder’s of Hanover and Lance, a snack company the Charlotte Observer reported started in 1913 by selling roasted peanuts on the North Carolina city’s streets.