Diamond Foods announced this morning (1 March) that it has started a share offer to fund its acquisition of Kettle Foods.

The US nut maker plans to offer 4.5m shares of its common stock to help pay for the acquisition of Kettle Foods from Lion Capital. Diamond said last week that it would pay US$615m for the premium chip maker.

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The company also revealed that it will grant the underwriters an option to purchase up to 675,000 additional shares, on the same terms and conditions, to cover overallotments, if any.

Diamond added that if it does not consummate the acquisition of Kettle Foods, it intends to use the net proceeds for general corporate purposes, including repayment of indebtedness.

Barclays Capital, BofA Merrill Lynch and BMO Capital Markets are joint book running managers for the offering.

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