NEW YORK, July 21, 2026, 11:08 EDT — U.S. markets are trading.
Shares of Utz Brands, Inc. soared 89% on Tuesday following a $14.25 per share cash proposal from Germany’s Intersnack Group. The offer gives the salty-snack manufacturer an enterprise value near $2.9 billion, accounting for debt.
The bid represents a 91.3% premium over Monday’s closing price. However, based on an initial estimate, the enterprise-value rise is about 57%, taking Utz’s debt into account.
As of March, Utz disclosed net debt totaling $780.3 million. The company’s leverage stood at 3.6 times trailing adjusted EBITDA. Measuring enterprise value more accurately reflects the full extent of the buyer’s obligation.
Based on Utz’s most recent outlook, the bid values the company at between 12.4 and 12.8 times its projected 2026 adjusted EBITDA. This compares with Monday’s valuation of 7.9 to 8.1 times.
| Preliminary valuation comparison | Monday close | Cash offer | Tuesday price |
|---|---|---|---|
| Share price | $7.45 | $14.25 | $14.09 |
| Premium to Monday | — | 91.3% | 89.1% |
| Implied enterprise value | $1.85 billion | $2.90 billion | $2.81 billion |
| EV/2026E adjusted EBITDA | 7.9–8.1x | 12.4–12.8x | 12.0–12.4x |
| Spread to offer | — | — | 1.1% |
Preliminary calculations are based on 143.9 million fully diluted, as-converted shares, net debt as of March 29, and Utz’s most recent 2026 adjusted EBITDA outlook. Actual transaction accounting could vary.
Utz was changing hands at $14.09 as of 10:52 a.m. EDT, standing 16 cents under the offer price. The 1.1% spread suggests investors see little risk that the deal will not close. Trading volume hit 41.5 million shares, about 22 times higher than the 65-day average.
The founding family and related parties have pledged roughly 42% of Utz’s common shares. The transaction remains subject to approval by a majority of all shares in circulation. Additionally, it must receive majority backing from votes by disinterested shareholders.
Intersnack intends to provide roughly $920 million in cash. The new financing package features a $1.1 billion term loan along with a $250 million asset-based line. Additional equity comes from family rollover and reinvestment of proceeds.
Once the transaction completes, Intersnack and the Rice and Lissette family will each hold a 50% stake. The German acquirer reported sales of roughly $5 billion in 2025. It currently does not operate in the United States.
Utz posted growth in its core snack division in the most recent quarter. Organic sales of its branded salty snacks increased by 5.2%. Adjusted EBITDA was up 6.2% to reach $47.9 million.
Retail sales rose by 4.6%, compared with 2.4% growth in the overall category. Intersnack stated that acquiring Utz gives it access to a U.S. market where it does not currently operate.
Chief Executive Howard Friedman said, “Intersnack shares our vision for Utz.” He pointed to the buyer’s strengths in marketing, manufacturing, and technology. Securities and Exchange Commission
The agreement received a recommendation from the independent special committee and was later unanimously approved by Utz’s voting directors. Chair of the committee Craig Steeneck described the price as “immediate and compelling value.” Securities and Exchange Commission
Utz is set to announce its second-quarter results on August 5. Due to the transaction, the company will not hold an earnings call, presentation or deliver prepared remarks.
Risks persist. While the deal aims to close in the fourth quarter, it still requires both regulatory and shareholder clearance. Utz additionally cited financing setbacks, potential lawsuits, and possible delays among the outstanding risks. With a tight spread, there is minimal buffer if the timeline is pushed.
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