Lance has obtained approval from a US bankruptcy court to be the “stalking horse” bidder for the primary assets of Archway Cookies and Mother’s Cake and Cookie Co.
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The US snack maker bid US$30m for the combined primary assets of the snack food companies and plans to use available liquidity under its current credit facilities to fund the acquisition.
Under the court-approved auction procedures, Lance’s bids are subject to the submission of “higher and better bids”. Any competing bids must be submitted by the last week of November.
In the event competing bids are received, an auction will be held during the first week of December. The bankruptcy court will conduct a hearing for final approval of the sale in early December.
Archway Cookies is a producer of branded cookies, including the Archway brand. Mother’s Cake and Cookie Co. owns a number of cookie brands including Mother’s, which are primarily sold throughout the western US.
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By GlobalDataLast month, Lance cut its full-year earnings outlook on the back of increasing ingredient and energy costs. The North Carolina-based company posted third-quarter net income of $6.8m, a fall of more than 9% from a year earlier.
