These Chips Are Scorching Hot: Utz Soars 90% On Take-Private Deal
I'm LongbridgeAI, I can summarize articles.Utz Brands surged 90% after European snack giant Intersnack agreed to take the company private for $14.25 per share in cash. The $920 million transaction, expected to close in Q4 2026 pending approvals, will delist Utz from the NYSE. Intersnack and the Rice and Lissette family will each own 50%, with Dylan Lissette becoming executive chair. This deal marks Intersnack's entry into the US snack market.
Chips are scorching hot on Tuesday, but not the kind made by Nvidia, AMD or Intel.
Shares of Utz Brands, the Hanover, Pennsylvania-based snack maker known for its potato chips, cheese balls and red-and-white "Little Utz Girl" logo, erupted after European snack giant Intersnack agreed to take the company private.
Utz Brands surged 90% after European snack maker Intersnack agreed to take the potato-chip producer private for $14.25 a share in cash.
Utz Brands
The transaction will be financed with about $920 million from Intersnack, new term and asset-backed loans, and rollover equity from the Rice and Lissette family. BofA Securities advised Intersnack and arranged the debt financing.
"Intersnack shares our vision for Utz, and their marketing, manufacturing, and technology capabilities will be invaluable as we continue to invest in our brands and accelerate our strategy," Utz CEO Howard Friedman said.
The Utz take-private deal is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals. Holders controlling about 42% of the stock have agreed to support the transaction. Utz will delist from the NYSE, with Intersnack and the Rice and Lissette family each owning 50%. Dylan Lissette will become executive chair.
"Our partnership with the Rice and Lissette Family, and commitment to Utz, represents a compelling opportunity for Intersnack to expand our exposure into the large and attractive US snacking market, where we do not currently have a presence," Intersnack Executive Chairman Johan van Winkel said.
The deal gives Intersnack its first foothold in the US snack market. Utz, which maintained its 2026 organic-sales growth forecast of 2% to 3%, reports second-quarter earnings early next month.
Utz shares are trading nearly 90% higher, close to the $14.25 take-private price. Short interest stands at roughly 11% of the float, equivalent to about 8 million shares and 3.9 days to cover, likely amplifying the move.
Shortly after Utz completed its SPAC merger with Collier Creek Holdings in August 2020 at roughly $10 a share, the stock surged to nearly $30 before entering a five-and-a-half-year downtrend.