Fenwick Advises Diamond In $2.3B Pringles Purchase

Law360, New York (April 5, 2011, 1:40 PM EDT) -- Ohio's Procter & Gamble Co. said Tuesday it would sell its $2.35 billion Pringles brand to California-based Diamond Foods Inc. in a deal that contemplates an exchange of stock and the snack specialist's assumption of $850 million in debt.

The companies said they would execute the merger by creating a separate entity to hold the potato crisp business and allowing P&G shareholders to participate in an exchange for 29.1 million Diamond Foods shares worth $1.5 billion.

Diamond Foods investors couldn't resist the Pringles deal Tuesday, sending...
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