Utz stockholders approve USD 2.9 billion Intersnack take-private deal

Utz Brands, the Hanover, Pennsylvania maker of Utz, Zapp's, Boulder Canyon and On The Border snacks, reported on 13 Nov 2026 that its stockholders had approved the proposed merger with Intersnack Group. The vote took place at a virtual special meeting that morning. The company's Form 8-K filing with the US SEC says that, on preliminary figures from proxy solicitor Innisfree M&A, holders backed both the transaction and a non-binding advisory proposal on executive pay linked to the merger. Because the main proposal passed, the vote on adjourning the meeting was not needed. Final vote counts will follow in a later filing.

When will the deal close?

Utz expects the merger to complete on or around 20 Nov 2026, provided the remaining closing conditions are met or waived. An Intersnack-controlled merger vehicle will be folded into Utz, which will continue as the surviving company.

What are the terms?

The two companies first announced the agreement on 21 Jul 2026. According to the joint press release, Class A stockholders will receive USD 14.25 a share in cash. That is about 91% above the closing price on 20 Jul 2026 and values Utz at an enterprise value of about USD 2.9 billion. After closing, Intersnack and entities of the founding Rice and Lissette family will each own 50% of Utz.

The release lists the financing as:

• about USD 920 million in cash from Intersnack;
• a new USD 1.1 billion term loan;
• a new USD 250 million asset-based lending facility;
• equity rolled over by the family;
• partial reinvestment of the proceeds of a USD 44 million tax receivable agreement settlement.

Who is Intersnack?

The release puts Intersnack's 2025 revenue at about USD 5 billion. The group employs about 14,500 people and operates in 31 countries.