Newport Beach’s Pacific Snax Deals in Vegas Chips
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NEWPORT BEACH — Pacific Snax Corp., maker of Kettle Classic gourmet potato chips, said Monday it has bought 70% of a Las Vegas potato chip company and is considering moving some of its manufacturing to the newly purchased site in Nevada.
Pacific Snax acquired 1.4 million shares of Vegas Chips Inc. in an exchange of stock. Vegas Chips shareholders will receive one share of Pacific Snax common stock for each share of Vegas Chips’ restricted stock they own.
The value of the deal was not disclosed. At Monday’s closing price of $2.125, the 1.4 million shares of Vegas Chips’ stock would be worth about $2.98 million.
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