Published:
Lance, Inc. Appointed 'Stalking Horse' Bidder for the Assets of Snack Food Companies, Archway Cookies LLC and Mother's Cake and Cookie Co.
CHARLOTTE, N.C., Nov. 18 /PRNewswire-FirstCall/ -- Lance, Inc.
(Nasdaq: LNCE) today announced that it has obtained approval from the U.S.
Bankruptcy Court for the District ofDelaware to be the "stalking horse"
bidder for the primary assets of snack food companies Archway Cookies LLC and
Mother's Cake and Cookie Co. Lance, Inc. was approved as the stalking horse
bidder in connection with the bankruptcy court's approval of auction
procedures for the sale of the assets. Lance, Inc. bid $30 million for the
combined primary assets of Archway Cookies LLC and Mother's Cake and Cookie
Co., and plans to use available liquidity under its current credit facilities
to fund the acquisition. Under the court-approved auction procedures, Lance,
Inc.'s bids are subject to the submission of "higher and better bids." Any
competing bids must be submitted by the last week of November 2008. In the
event competing bids are received, an auction will be held during the first
week of December 2008. The bankruptcy court will conduct a hearing for final
approval of the sale in early December 2008.
Archway Cookies LLC, founded in the 1930s, is one of the nation's top
producers of branded cookies, with highly recognizable brands such as
Archway(R) that can be found in grocery stores and mass merchants throughout
many parts of the U.S. It operates one bakery inAshland, Ohio where it
produces many of its prominent national products. Mother's Cake and Cookie
Co. owns a number of additional cookie brands, including Mother's(R), which
are primarily sold throughout the western U.S.
About Lance, Inc.
Lance, Inc., headquartered inCharlotte, NC, manufactures and markets
snack foods throughout much ofthe United States and other parts ofNorth
America. The Company's products include sandwich crackers and cookies, potato
chips, crackers, cookies, other snacks, sugar wafers, nuts, restaurant style
crackers and candy. Lance has manufacturing facilities inNorth Carolina,
Iowa,Georgia,Massachusetts,Texas,Florida,Arkansas andOntario, Canada.
Products are sold under the Lance(R),Cape Cod(R) and Tom's(R) brand names
along with a number of private label and third party brands. The Company's
products are distributed through a direct-store-delivery system of
approximately 1,400 sales routes, a network of independent distributors and
direct shipments to customer locations. Products are distributed widely
through grocery and mass merchant stores, convenience stores, food service
outlets and other channels.
This news release contains statements which may be forward looking within
the meaning of applicable securities laws. The statements may include
projections regarding future earnings and results which are based upon the
Company's current expectations and assumptions, which are subject to a number
of risks and uncertainties. Factors that could cause actual results to
differ, including price competition and industry consolidation, increases in
prices or availability of ingredients, product price increase impact on total
revenue, risks from large customers, changes in consumer preferences,
implementation of a new information system, product recalls or safety
concerns, food industry and regulatory factors, acquisition and divestiture
risks, ability to execute strategic initiatives, interest rate, foreign
exchange rate risk, credit risks and natural disasters or catastrophic events
are discussed in the Company's most recent Forms 10-K and 10-Q filed with the
Securities and Exchange Commission.
SOURCE Lance, Inc.
Copyright © 2009, PRNewswire
newsblaze
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,FOD,RST,TNM,BCY,FNC,NC-Lance-bid-Archway
_ _Is your favorite bookmark site missing?
Ask for it.
Search News
Daily News
