Shares of Snyder’s-Lance Inc (NASDAQ:LNCE) ended Friday session in green amid volatile trading. The shares closed up +0.10 points or 0.30% at $33.67 with 1.38 million shares getting traded. Post opening the session at $33.64, the shares hit an intraday low of $33.16 and an intraday high of $33.81 and the price vacillated in this range throughout the day. The company has a market cap of $3.18 billion and the numbers of outstanding shares have been calculated to be 96.07 million shares.
Snyder’s-Lance Inc (LNCE) on Sept. 1, 2016 announced that the Company’s Kettle Foods subsidiary completed the acquisition of Metcalfe’s skinny Limited (“Metcalfe”), by acquiring the remaining 74% interest in the leading UK premium popcorn brand. Kettle Foods had initially acquired a 26% stake in the business from Metcalfe in January 2016. Metcalfe was founded in 2009 by Julian Metcalfe, the co-founder of Pret A Manger and founder of itsu.
Metcalfe’s skinny is the UK’s leading premium popcorn brand, and also incorporates a fast growing range of corn and rice cake products. The UK popcorn market is one of the fastest growing categories within the UK snack food industry, growing by 45% over the last two years as consumers increasingly seek out better-for-you snacking options. The addition of a leading premium popcorn brand, Metcalfe’s skinny popcorn®, to the UK’s leading premium chip brand, KETTLE® Chips, reflects Kettle Foods’ ambition to evolve into a more widely based premium snacking leader in Europe.
Carl E. Lee, Jr., President and Chief Executive Officer of Snyder’s-Lance commented, “We are excited to add the Metcalfe’s skinny brands to our portfolio and expand our presence in the UK marketplace. We see tremendous growth in the UK with additional opportunities for further international expansion for our innovative collection of snacking brands. This addition to our branded portfolio provides us with another better-for-you option in a growth snacking category in the European markets, and we look forward to supporting the continued success of the Metcalfe’s skinny brands.”
Shares of Allison Transmission Holdings Inc (NYSE:ALSN) ended Friday session in red amid volatile trading. The shares closed down -0.02 points or -0.07% at $27.25 with 1.35 million shares getting traded. Post opening the session at $27.13, the shares hit an intraday low of $27.02 and an intraday high of $27.35 and the price vacillated in this range throughout the day. The company has a market cap of $4.47 billion and the numbers of outstanding shares have been calculated to be 167.54 million shares.
On Sept. 16, 2016 Allison Transmission, Inc. (the “Issuer”), a wholly owned subsidiary of Allison Transmission Holdings, Inc. (ALSN) (“Allison” or “the Company”), priced its offering of $1 billion in aggregate principal amount of 5.000% Senior Notes due 2024 (the “Notes”) on Sep. 14, 2016 in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). This represents a $500 million increase in the size of the Notes offering from the initial proposed offering amount.
The Notes will be guaranteed by each of the Issuer’s existing and future domestic subsidiaries that is a borrower under or that guarantees obligations under the Issuer’s senior secured credit facility, subject to certain exceptions. On the issue date, it is expected that none of the Issuer’s domestic subsidiaries will guarantee its obligations under the Issuer’s senior secured credit facility, and therefore none of the Issuer’s domestic subsidiaries will initially guarantee the Notes. The Issuer intends to use the net proceeds from the offering of approximately $988.8 million (net of discounts to the initial purchasers and estimated fees and expenses for the offering), together with cash on hand, to repay approximately $1.2 billion of its outstanding term loans and pay related transaction fees and expenses. The Notes offering is expected to close on Sept. 23, 2016, subject to customary conditions.