Campbell Soup is buying snacks maker Snyder's Lance for $50 per share

Campbell Soup announced Monday that it had agreed to buy the snack maker Snyder's Lance for $50 per share in an all-cash deal.

The offer represents a 27% premium to Snyder's close on Wednesday, a day before CNBC first reported that the company had hired an investment bank to consider a sale following an offer from Campbell.

The deal "will provide our consumers with an even greater variety of better-for-you snacks," said Campbell Soup CEO Denise Morrison in a statement. "The combination of Snyder's-Lance brands with Pepperidge Farm, Arnott's and Kelsen will create a diversified snacking leader, drive sales growth and create value for shareholders."

More to come ...