Lance shareholders OK Snyder's of Hanover transaction

Lance Inc.'s stockholders have approved its acquisition by pretzel and potato chipmaker Snyder's of Hanover Inc.

The supplier of crackers, cookies and salted snacks said Thursday that more than 96 percent of its shareholders approved the all-stock deal that will give shareholders of the privately held Snyder's 50.1 percent and Lance shareholders 49.9 percent of the combined company.

The new company will be called Snyder's-Lance Inc. and be based in Charlotte, N.C. but will keep some executives and operations in Pennsylvania, where Snyder's is based. The company's name was approved at Lance's special shareholders' meeting on Thursday.

The transaction is expected to close on Monday, subject to Snyder's shareholders' approval of the deal. Snyder's stockholders are expected to vote on the transaction on Friday.