Lance bids to buy cookie companies
The Business Journal of the Greater Triad Area
Lance Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to bid for the primary assets of snack-food companies Archway Cookies and Mother’s Cake and Cookie Co.
Lance is seeking to buy the sister companies’ assets for $30 million, and it plans to use its credit facilities to fund the purchase.
Under the court-approved auction procedures, Lance’s bids are subject to the submission of higher bids.
Any competing bids must be submitted by the end of this month.
If competing offers are made, an auction will be held during the first week of December.
Archway Cookies, founded in the 1930s, is one of the nation’s top producers of branded cookies. Mother’s Cake and Cookie Co. owns a number of cookie brands, including Mother’s, which are sold primarily in the western United States.
Charlotte-based Lance (NASDAQ:LNCE) manufactures and markets snack foods throughout much of North America.
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