Diamond Foods completes acquisition of Pop Secret ®
Diamond Foods, Inc., a leading branded food company specializing in processing, marketing and distributing culinary nuts and snack products under the Diamond ® and Emerald ® brands, today announced that it completed the acquisition of the Pop Secret ® popcorn business from General Mills, Inc. for approximately $190 million in cash.
Diamond Foods Inc is likely to breach its debt covenants and cancel its biggest-ever deal, analysts said, as its stock tumbled 37 percent a day after the company removed its two top executives and said it would restate results for the last two years.